Apple is a US-based company that relies heavily on a global supply chain to manufacture its products. As a result, the tech firms stock seems to be getting hit especially hard by the new tariffs just announced yesterday, with AAPL down almost 10% upon the markets open todaya big hit to Apple.AAPL stock is down significantly as tariff fears loomApple has grown revenue from its services business consistently for years, but at its core, the company is still very much financially dependent on hardware.The iPhone, iPad, Mac, Apple Watch, AirPods, and the companys other highly successful products are designed by Apple in California, but by and large manufactured overseas.Now, with President Trumps sweeping tariffs on imports worldwide, Apples core business could take a huge hit.The tariffs are especially high in places where Apple keeps much of its supply chain, including China, India, Vietnam, and more.Last night in after-market trading, Apples stock fell 7%. As my colleague Ben wrote:fears have seen investors ditch Apple stock, with a sell-off in after hours trading of more than 7%. In absolute terms, $AAPL closed at $223 today, and is currently sitting at about $207 in the volatile after-hours market.Today as the market opened, AAPL was initially down 8% but is currently trading around $203an even further dip thats getting close to 10%.Theres still a lot of uncertainty around whether Trump might grant exemptions for Apple like happened during his first term, when the company was spared the worst tariffs so that foreign competitors like Samsung wouldnt gain an edge over the US-based Apple.But so far at least, Wall Street seems to believe Apple could have a hard time ahead.Do you think Apple will raise its product prices if the tariffs go into effect? Let us know in the comments.Best iPhone accessoriesAdd 9to5Mac to your Google News feed. FTC: We use income earning auto affiliate links. More.Youre reading 9to5Mac experts who break news about Apple and its surrounding ecosystem, day after day. Be sure to check out our homepage for all the latest news, and follow 9to5Mac on Twitter, Facebook, and LinkedIn to stay in the loop. Dont know where to start? Check out our exclusive stories, reviews, how-tos, and subscribe to our YouTube channel