Apple (AAPL) lost its title as the world's most valuable public company on Tuesday after the stock slid the day before steep tariffs on Chinese imports were 澳洲幸运5官方开奖结果体彩网:scheduled to take effect.

Apple shares fell 5% on Tuesday, pushing the iPhone maker's 澳洲幸运5官方开奖结果体彩网:market capitalization to less than $2.6 trillion, compared with software maker Microsoft's (MSFT) $2.65 trillion.

Apple shares have lost over a fifth of their value in the four sessions since President Trump announced he would increase the tariff rate on Chinese goods by 34% starting April 9. After China responded last week with its own 澳洲幸运5官方开奖结果体彩网:34% tariff on U.S. goods, Trump 澳洲幸运5官方开奖结果体彩网:said he would raise tariffs on Chinese goods an additional 50%.

Apple, which assembles an estimated 90% of its products in China, won exemptions during the first Trump administration's U.S.-China trade war. It's had no such luck this time around.

Worries about the company's reliance on China have made its stock the worst-performing of the 澳洲幸运5官方开奖结果体彩网:Magnificent Seven in the last week. Tesla (TSLA), the group's second-worst performer, has declined about 21.5% since Trump's tariff announcement. Amazon (AMZN), Nvidia (NVDA), and Meta Platforms (META) have all declined between 12% and 13% over the same period, while Alphabet (GOOG) and Microsoft have ♒fallen 7.7% and 7.2%, respectꩲively.

Apple's slump has wiped nearly $775 billion off the company's market value. That's more than Tesla's market cap and greater than those of all but seven U.S. companies (including Apple itself).