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President Donald Trump’s tariffs on China went into effect on Wednesday at a , sparking a retaliatory from China on American goods.

The move caused Apple’s market value to plummet by 23% across the past four trading days, and causing Apple to lose its status as the most valuable company in the world to Microsoft.

At the , Apple was worth $2.59 trillion, while Microsoft was worth $2.635 trillion. Apple shares were year-to-date, while Microsoft shares were .

Apple depends heavily on China for manufacturing; CNBC notes that about 90% of iPhones are made in China. Morgan Stanley analysts last week that tariffs could cost Apple $34 billion per year, a cost that Apple could pass on to consumers. Apple’s declining value is due to that tariffs could cause Apple to raise prices, leading to decreased demand.

Related: ‘Everyone Is Here Because of the Fear’: Customers Rush to Apple Stores to Buy iPhones Before Expected Tariff-Related Price Increases

The threat of rising iPhone prices caused increased foot traffic to Apple stores over the weekend and into the week. Customers were concerned about possibly higher iPhone prices in the future and were buying phones in a panic, Apple store employees told .

Trump has stated that tariffs would boost the U.S. economy by incentivizing companies to bring jobs and factories back to the U.S.

In a last week, Trump pointed to the “unsustainable” trade deficit, which hit last year, and stated that he would impose higher tariffs on countries with the largest trade deficits with the U.S., including China, the European Union, Mexico, Vietnam, and Ireland.

“The President’s reciprocal trade agenda means better-paying American jobs making beautiful American-made cars, appliances, and other goods,” the announcement read.

However, it is unlikely that Apple will start to manufacture iPhones in the U.S. because of the high cost. Wedbush analyst Dan Ives on Monday that it would take Apple $30 billion and three years to bring just one-tenth of its supply chain to the U.S. An iPhone made in the U.S. could cost consumers , over three times as much as the price of a iPhone 16 Pro Max, Apple’s highest-end phone today.

Related: President Donald Trump Announces ‘Kind Reciprocal’ Tariffs for ‘Liberation Day.’ Here’s What We Know.

Still, tariffs have other benefits. They create an additional source of revenue for the federal government, with funds to the U.S. Treasury Department. Trump claimed on Tuesday at a White House event that the U.S. was making from tariffs.

The Tax Foundation, a nonprofit organization, released an analysis last week showing that Trump’s tariffs could lead to for the government over the next decade.

However, tariffs are expected to cause higher prices for consumers. A study from the last week projected that the average household would lose $3,800 in purchasing power from tariffs. Matt Schulz, chief consumer finance analyst at LendingTree, told earlier this month that prices are “likely to rise” in response to tariffs.

Apple has not commented yet on any tariff-related price increases. According to , the company is currently selling existing inventory that it has already imported to the U.S. and will likely feel the impact of tariffs starting in its fourth quarter in July.