Shares of Apple (NASDAQ:AAPL) tumbled about 7% premarket on Thursday after President Donald Trump's 'Liberation Day' tariffs were announced on trading partners including China, where the iPhone maker has a large manufacturing presence.

Trump's tariff's will impact key nations in the semiconductor supply chain, including 34% on China, 32% on Taiwan and 24% on Japan.

"Apple (NASDAQ:AAPL), which has built a lot in China, is going to spend $500B to build plants here," Trump said on Wednesday while announcing the tariff plans.

Apple did not immediately respond to a request for comment from Seeking Alpha.

Besides manufacturing in China, Apple also depends upon Taiwan Semiconductor Manufacturing (TSM) for supplying advanced chips.

India — where Apple is bolstering its manufacturing base as it seeks to diversify beyond China — was hit with a 26% tariff. Apple's Taiwan-based manufacturing partner Foxconn Technology (OTCPK:FXCOF), reportedly, plans to make about 25M to 30M iPhones at its facilities in India this year, over double the number it made last year.

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