In a series of tweets today U.S. President Trump announced a new round of tariffs would be going into effect Sept. 1st. The remaining $300 billion in goods imported from China not already slapped with tariffs will be seeing a 10 percent tax levied on them once they enter the country.
Until now most tech gadgets were exempt from the list but starting the first of September consumers will see, for instance, a price increase on almost the entirety of Apple’s products such as iPhone, iPads, and Mac Books.
 Have a look at the S&P 500 chart for today:
Wall Street simply wasn’t prepared as this was a total surprise announcement from the White House. Markets wouldn’t have “priced-in” the expected tariffs since it seemed the on-going discussion between Washington and Beijing were trending in a positive direction. The two leaders had reached somewhat of a truce during the G-20 summit in June, and this year trade talks resumed in Shanghai between both countries’ delegations.
The Dow plunged over 300 points after which completely erased gains from earlier in the day. Tech stocks were no exception with Apple (NASDAQ:AAPL 208.43 -2.16%), Micron (NASDAQ:MU 43.6-2.87%), NVIDIA (NASDAQ:NVDA 164.92 -2.25%), and Qualcomm (NASDAQ:QCOM 71.2 -2.68%) getting hit the hardest.
We will need to wait for the U.S. Trade Rep website to publish a formal list before we can comment on specifics, but given the wording of Trump’s tweets, anything not currently tariffed will soon be.