Apple (AAPL) stock and shares of other tech hardware companies plunged Thursday in response to stiff tariffs imposed late Wednesday by President Donald Trump.

Morgan Stanley called the tariffs “calamitous” to information technology hardware makers given that nearly all such products sold into the U.S. are now subject to 25% to 54% import tariffs, including Apple iPhones.

↑ X NOW PLAYING Never Too Volatile: How To Spot Opportunities In A Risky Market In premarket trades on the stock market today, Apple stock skidded more than 7% to 206.13.

Personal computer makers Dell Technologies (DELL) and HP (HPQ) saw their shares drop 10% and 8.1%, respectively. PC peripherals maker Logitech (LOGI) plummeted 12.9%.

Consumer electronics firms also felt the pain. Kitchen and household appliance maker SharkNinja (SN) fell 12.9%. Outdoor recreation and navigation device maker Garmin (GRMN) retreated 9.7%. Audio gear firm Sonos (SONO) sank 7.2%.

BofA Securities cut its price target on Apple stock to 250 from 265 but kept its buy rating.

With Trump tariffs set at 54% on China, 26% on India and 46% on Vietnam, all of Apple’s products will be subject to tariffs at various rates, BofA said.

Check back here for more details on the Trump tariffs and the impact to Apple stock and others.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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