President Donald Trump’s shake-up of the global trading system is hurting US assets more than those in many of the big economies he has just slapped with additional tariffs.

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.

President Donald Trump’s 10% tariff on all countries is here. But much bigger tariffs are yet to come. As of 12:01 a.m. Eastern time today, a 10% levy on imported products from all other countries globally went into effect — with a few exemptions.

US President Donald Trump's new sweeping global tariffs came into effect on Saturday. The US government introduced universal tariffs of a minimum of 10% on imports from all countries. Significantly higher punitive tariffs will apply for some,

China says it will impose reciprocal 34% tariffs on all imports from the United States from April 10, making good on a promise to strike back after US President Donald Trump escalated a global trade war.

The move came two days after President Donald Trump imposed the same tariff on all Chinese imports, bringing the total U.S. tariff on Chinese goods to at least 54%.

J.P.Morgan ratcheted up its odds for a U.S. and global recession to 60%, as brokerages scrambled to revise their forecast models with tariff distress threatening to sap business confidence and slow down global growth.

Donald Trump’s bid to upend the international trading order with huge tariffs has wiped $5.4tn from US stocks in two days, as China hit back with its own levies, deepening fears of recession in the global economy.

A frigid island mostly inhabited by penguins, a tiny dot in the South Pacific and a possible victim of mistaken identity — these are some of the places that were hit hardest by Trump's new tariffs.