If you have an older Apple device that you've been considering upgrading, you're probably wondering how the newly announced tariffs

The iPhone maker faced its biggest one-day drop in five years as investors panicked over Donald Trump's heavy tariffs on its supply chain hubs.

Apple has warned that tariffs could hurt its business, prompt it to increase prices and potentially force it to stop offering certain products altogether.

Investors are clearly concerned about the impact tariffs might have on Apple, which at one point on Thursday was having its worst trading day in five years. Bank of America analyst Wamsi Mohan on Thursday morning cut his price target on Apple from $265 to $250, though he maintained his buy rating on the stock.

Update: The story was updated with TF International Securities' Analyst Ming-Chi Kuo's post, and BofA analysts' note.  Shares of Apple (NASDAQ:AAPL) tumbled about 8% premarket on Thursday after President Donald Trump's 'Liberation Day' tariffs were announced on trading partners including China,

President Trump's announcement of tariffs and retaliatory measures by China has seen Apple's shares drop to their lowest point since June 2024, as investors predict rising iPhone prices and falling sales.

Citi keeps a Buy rating with a $275 price target on Apple (AAPL) but warns that with the company having over 90% of its manufacturing in China,

One restaurant owner worried about tariffs pushing up food prices said such costs are "coming right off my bottom line."