US President Donald Trump’s announcement of “reciprocal” tariffs caused havoc in the markets, notably hitting Big Tech stocks such as Apple. The company lost more than $300bn in market value the next day, and its path forward is complicated. The FT’s San Francisco correspondent Michael Acton explains why the iPhone maker is vulnerable, and what options it has to minimise the damage.

Clips from PBSNewshour, C-SPAN

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For further reading:

Apple loses more than $300bn in market value from Trump tariff hit

Apple and other US tech groups hit as Donald Trump targets suppliers

Fraying transatlantic ties will cost companies dearly

And for further listening:

Why Apple can’t leave China

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Follow Michael Acton on X (@MActon93). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Apple navigates Trump’s tariffs

Behind the Money