After Trump’s surprise Liberation Day tariff rollout, Apple (NASDAQ:AAPL) shares crashed nearly 9% on Thursdaytheir biggest single-day drop in five years. Investors bolted, triggering a $300 billion tech selloff as the market scrambled to price in the fallout. The new tariffs hit Chinathe backbone of Apple’s supply chainwith a brutal 54% rate, while Vietnam and India didn’t escape unscathed either, facing 46% and 27% tariffs. With no exemptions this time, Apple could be cornered into raising US hardware prices by as much as 30% just to protect its margins, according to Raymond James.

That’s not just bad news for consumersit’s a major blow to Apple’s long game. Years of supply chain diversification just hit a wall. India, which has been Apple’s rising star through Foxconn and Tata Electronics, may now inherit more of the spotlight. Both saw explosive growth last year19% and 107% respectivelyon strong iPhone 1416 shipments. The India Cellular and Electronics Association was quick to jump in, calling the country favorably positioned compared to its Asian peers. With over 150,000 jobs already tied to Apple’s local operations, India could quietly become Apple’s next big betif the politics play out right.

Still, this is more than an Apple problem. Nvidia (NASDAQ:NVDA) dropped 7.8%. Tesla (NASDAQ:TSLA) fell 5.5% yesterday. The S&P 500 (SPY) tanked almost 5%. And investors are suddenly awake to a new risk: the return of trade wars in a fragile macro environment. Apple’s pain could signal a bigger reset in global tech manufacturingand investors should be watching closely for what breaks next.

This article first appeared on GuruFocus.