Apple bleeds $700 billion, surrenders crown as world's most valuable company

Apple has just been knocked off its perch as the most valuable company in the world following Trump's tariffs on imports, which target many of the countries where Apple sources parts and manufactures its products.

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The world's most valuable company has lost a staggering $700 billion since Trump announced the new tariffs. Some of the hardest-hitting tariffs are aimed at China, where Apple produces approximately 90% of its products. Trump's additional taxes against the country ranged between 11% and 104%, but only recently were they increased to 125% in response to China's retaliatory additional tariff on American goods - an 84% levy.

The trade war between the US and China is in full swing, and Apple, being the biggest tech company on the planet in terms of value, is bleeding because of it, with investors experiencing fear, uncertainty, and doubt over how Apple will combat the new tariffs and if it will mean iPhone prices will have to increase, or Apple having to eat into its own profit margins to maintain the price of its products.

This back and forth between the US and China has resulted in Apple's market cap dropping by more than 20%, which has now wiped away $700 billion worth of value. The total market cap of the company has now dropped to $2.6 trillion, which is slightly lower than Microsoft's $2.64 trillion. Apple is no longer the world's most valuable company. The crown has now been passed to Microsoft.

• Read more: Apple's $640 billion wipe-out in just 5 days has a silver lining