Donald Trump's "Liberation Day" tariffs look like they're about to hit Apple hard. A long-expected executive order signed by the president on Wednesday introduced a 34% tariff on goods from Apple's most important manufacturing hub — China.

Apple stock took a huge dive in after-hours trading following the unveiling of new tariffs, and it just got worse when the markets opened.

CEO Tim Cook was at the White House announcing a plan to invest a massive $500 billion in the U.S. over the next four years. Trump lauded the deal and refers to it frequently to highlight his administration's economic success.