Apple Inc ( AAPL ) shares are volatile Wednesday following a multi-day slide as trade tensions between the United States and China continue to rise.

What To Know: President Donald Trump’s sweeping reciprocal tariffs went into effect on Wednesday, which included a massive 104% tariff on goods from China.

China has responded again by hiking its tariffs on U.S. imports to 84% from 34%, starting April 10, according to a CNBC report citing an announcement from the Office of the Tariff Commission of the State Council.

The back-and-forth tariff increases have furthered the trade war between the world’s two largest economies.

“It's unfortunate that the Chinese actually don't want to come and negotiate, because they are the worst offenders in the international trading system,” U.S. Treasury Secretary Scott Bessent reportedly said in a Fox Business interview on Wednesday.

“They have the most imbalanced economy in the history of the modern world, and I can tell you that this escalation is a loser for them.”

Apple ( AAPL ) assembles about 90% of its iPhones in China. Analysts have estimated that the price of an iPhone could rise by $250 or more as a result of new tariffs.

“There are no winners in a trade war,” China’s commerce ministry reportedly said in a statement. “China does not want one, but the government will never allow the legitimate rights and interests of the Chinese people to be harmed or taken away.”

Check This Out: Apple Stock Nosediving Since ‘Liberation Day’ Tariffs Has Created Panic, Says Gene Munster: Predicts Tim Cook’s ‘Favorable’ Relationship With Trump, Xi Jinping Will Rescue iPhone-Maker

Jefferies analyst Edison Lee on Wednesday upgraded Apple ( AAPL ) from Underperform to Hold and lowered the price target from $202.33 to $167.88.

Deepwater Asset Management’s Gene Munster said this week that Apple ( AAPL ) shares have fallen into “panic mode” as relations with China are set to become “ugly” over the next month. However, the analyst expects Apple ( AAPL ) to be “largely spared” from tariffs given CEO Tim Cook’s favorable relationship with both Trump and Chinese President Xi Jinping.

“Big picture: This storm will pass. Apple's ( AAPL ) brand loyalty remains strong—and will drive an Apple Intelligence upgrade cycle in FY26,” Munster said.

AAPL Price Action: Apple ( AAPL ) shares were up 3.51%% at $178.48 at the time of publication Wednesday, according to Benzinga Pro.