Tesla was particularly battered as it joined Apple (-3%) and Nvidia (-3%), as American multinational companies with the highest proportion of sales in China.

Tesla’s stock fell 5% on Monday, the biggest drop for any member of the so-called Magnificent Seven, while Apple shares dropped 3%.

President Donald Trump's decision to impose tariffs on goods from China and Canada has resonated widely in the market. According to CNBC, Tesla and Apple recorded drops in their 5% and 3% stock values,

Silicon Valley giants Apple (-3%) and Nvidia (-5%), two of the American multinational companies with the highest proportion of sales in China, faltered, while semiconductor chip players including Broadcom (-3%) and Intel (-3%) suffered as the industry heavily reliant on the global supply chain digested the trade conflict.