Investing.com-- Apple Inc (NASDAQ: AAPL ) shares slid to a 11-month low in aftermarket trade on Tuesday, costing the iPhone maker its title as the most valuable listed firm as investors dumped the stock on concerns over the impact of a brewing trade war.

Shares of the Cupertino, California-based tech giant fell 1.8% to $169.49 after the bell, their weakest level since May 2024. This came after the stock slid 4.8% during Tuesday’s session, which was its fourth consecutive day of steep losses.

Tuesday’s slide saw Apple’s total market capitalization fall to $2.59 billion, making it the second most valuable company on Wall Street, behind Microsoft (NASDAQ: MSFT ), which was worth $2.64 billion, according to Investing.com data.

Apple’s losses were driven chiefly by heightened concerns over the impact of President Donald Trump’s steep, reciprocal trade tariffs- specifically those aimed at China and Taiwan.

Trump’s administration signaled that he will proceed with a cumulative 104% tariff on all Chinese imports from Wednesday- a move that stands to severely ramp up the cost of goods manufactured in China.

A bulk of Apple’s iPhone production- by far the company’s biggest moneymaker- takes place in China, potentially exposing the company to the full brunt of Trump’s tariffs. Analysts speculated that the trend could lift the prices of Apple’s iPhone by as much as $1,000.

Apple now risks losing customers due to high import costs, or risks a hit to its margins if it absorbs some of the tariff costs. Recent reports showed some panic buying across Apple’s U.S. stores, as consumers also braced for potential price hikes.

Trade tensions between the U.S. and China showed little signs of easing, with Beijing having largely decried Trump’s tariffs, while also retaliating with its own duties.

Fears of an escalating trade war wiped out nearly $1 trillion in market capital for Apple from its December peak of $3.2 trillion.

Still, BofA analysts said the recent pullback in Apple shares represented a buying opportunity, as a drop in the firm’s forward price-to-earnings ratio gave it a favorable risk/reward ratio.