In a note emailed to clients on Wednesday, Wedbush analysts, led by Daniel Ives, said tech stocks will be under "major pressure" following the announcement.

On Wednesday, the Trump administration unveiled another wave of tariffs to be imposed on many countries, including China and Taiwan, as well as the European Union.

The analysts said investors will focus on the details of the tariffs over the next 24 hours but for Apple (AAPL), which produces iPhones in China, the focus will be on possible exemptions from the tariff policy if it builds more factories in the US. For Nvidia (NVDA) and other chipmakers, the focus will be on pricing and margin impacts, the analysts said.

"[W]e continue to believe there are off ramps and major negotiations that will happen over the coming months with various countries and companies to navigate this new world of tariffs," the analysts said.

Wedbush analysts described the 34% reciprocal tariff levied on China as "the jaw dropper," followed by Taiwan's tariff rate at 32% and the EU at 20%.

China said it opposes the tariffs, calling them a "typical unilateral bullying practice," and vowed to take countermeasures to protect its rights and interests, media outlets reported, citing a statement from the country's Ministry of Commerce.

The latest 34% reciprocal tariff levied on China is in addition to the existing 20% tariff imposed on all Chinese products imported to the US.

Taiwan and the EU also said they would take countermeasures to the tariffs if negotiations with the Trump administration fail.

In a live-streamed broadcast, European Commission President Ursula von der Leyen said the EU is ready to respond and is preparing countermeasures against the US tariffs, according to reports.

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