Nvidia (NVDA), Apple (AAPL) and Tesla (TSLA) all tanked on Friday, leading the decline of the “Magnificent Seven” as an escalating trade war sparked broad-based selling on Wall Street.

Chipmaker Nvidia fell more than 7% while EV maker Tesla declined more than 10%, helping send the tech-heavy Nasdaq Composite (^IXIC) into bear market territory.

Shares of social media platform Meta (META) sank more than 5%. And Apple (AAPL) stock tumbled 7% after the iPhone maker wiped out over $310 billion from its market cap in the prior session to notch its worst day since March 2020.

Tech stocks were hit for a second day in a row after China announced retaliatory tariffs against the US in reaction to President Trump’s sweeping levies on imports from other countries.

Trump’s retaliatory tariffs, which included additional levies on China that bring its tariff rate to 54%, prompted one of Wall Street’s biggest tech bulls to warn of surging prices for electronics, including $3,500 iPhones.

Read more: What Trump’s tariffs mean for the economy and your wallet

“The concept of taking the US back to the 1980’s ‘manufacturing days’ with these tariffs is a bad science experiment that in the process will cause an economic Armageddon in our view and crush the tech trade, AI Revolution theme, and overall industry in the process,” Wedbush analyst Dan Ives wrote in a note on Friday.

Wall Street has been warning of a global recession if tariffs are held in place.

In an interview released on Friday, Treasury Secretary Scott Bessent came out in defense of Trump’s trade policies.

“The markets go up and down,” said Bessent. “For everyone who thinks these market declines are all based on the President’s economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek,” Bessent told Carlson in an interview recorded on Thursday.

The January release of Chinese startup DeepSeek’s AI chatbot sent shares of Nvidia and other tech stocks lower as investors raised questions about high valuations and lofty spending on artificial intelligence.

“If I were the analyze in my old hat…what’s happening with the market, I’d say it’s more a Mag 7 problem, not a MAGA problem,” said Bessent, who used to run a hedge fund.

Stocks briefly trimmed some losses on Friday morning after Trump said Vietnam wants to cut its tariffs “down to ZERO” if it can strike a deal with the US, raising hopes other countries would do the same.