Trump’s renewed tariff threats have returned as a major market-moving event, rattling the share prices of key U.S. tech giants.
Tesla (TSLA) has been among the hardest hit. Looking at two distinct periods — during the 2018–2019 trade war and the recent November 2024 to March 2025 phase — the stock has posted an average return of -5.8% one month after tariff announcements.
NVIDIA (NVDA), a critical player in the global data center boom, also struggled, with an average return of -4.4% and a peak performance of just 1.1% after similar events, revealing its sensitivity to tariff-related risks.
Surprisingly, Apple (AAPL), despite generating more than 20% of its revenue from China, has weathered tariff headlines much better, posting an average return of +0.4% and showing far less volatility than its peers.
The takeaway? The companies most vulnerable to tariff shocks aren't necessarily the ones with the highest China exposure today. Both Tesla and NVIDIA have proven more reactive to tariff news than Apple, suggesting that market concerns go beyond just revenue breakdowns — growth narratives, supply chain complexities, and policy sentiment also play major roles.
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