Donald Trump's so-called "Liberation Day" has become a potentially expensive event for Apple, as tariffs are applied against imports from every foreign country in the Apple supply chain.

President Donald Trump's tariff announcement on Wednesday triggered significant after-hours trading reactions. Dow Jones lost 751 points, or 1.8%. S&P 500 futures tanked 3% and Nasdaq-100 futures lost 3.8% after hours. Shares of multinational companies were hit.

Initial market indications on early Wednesday evening were that many investors had expected Trump’s tariffs to be far less expansive.