The "Magnificent Seven" stocks sank on Monday, extending a market rout that has wiped off around $2 trillion from their combined value as investors worry about the financial fallout of U.S. President Donald Trump's global tariff war.

Tariffs will dramatically impact Apple's business if Trump's announced tariff rates go into effect. The tariffs only add to Apple's problems, including its AI fumble and expensive valuation. There's a good chance that Apple's decline isn't over yet.

With the full breadth of Trump’s tariffs slated to kick in on Wednesday, Apple is racing to brace for impact. A new report from The Times of India today says that part of Apples