Shares of Apple, Amazon, and other tech stocks are getting walloped on Thursday as the markets digest the impact of President Donald Trump’s new round of tariffs announced on Wednesday evening.

Shares of Apple were down about 9 percent on Thursday morning, which would mark the biggest drop in about five years if it holds until the close, according to CNBC. Amazon shares dropped about 7 percent.

Both companies rely heavily on imports from other countries, like China, on which Trump plans to impose a 54 percent tariff beginning April 9th. Apple also manufactures some products in countries like Vietnam, on which a 46 percent tariff was announced.

The tariffs, if they aren’t walked back, could mean increased prices on electronics for consumers or slimmer margins for companies like Apple and Amazon if they choose to eat some of the costs. Apple has typically had a gross margin, the amount of cash it gets to keep after it sells stuff, of around 38 percent, though it has been higher. Wall Street is likely concerned about lower demand if Apple has to increase the price of Macs, iPhones, iPads, and other products.

Other big tech companies were impacted as well. Shares of Nvidia were down more than 4 percent on Thursday morning while Tesla stock was also down about 4 percent, giving up most of its Wednesday gains. Shares of Meta are down about 7 percent.