Qualcomm (QCOM) shares plummeted 5.09% in pre-market trading on Thursday, as President Trump's surprise announcement of sweeping new tariffs sent shockwaves through the technology sector. The semiconductor giant joined other tech stocks in a broader market selloff triggered by fears of an escalating trade war.

The Trump administration unveiled a suite of tariff hikes on major trading partners, including a 20% duty for the European Union and a hefty 34% tariff on China. This move marks a dramatic escalation in Trump's trade policies, sparking concerns about potential retaliation from affected countries and disruptions to global supply chains.

Semiconductor stocks were particularly hard hit, with Qualcomm's peers also experiencing significant pre-market declines. Nvidia fell 3.4%, AMD dropped 3.9%, and Broadcom slipped 4.1%. Analysts at Wedbush called the tariffs announcement "worse than the worst case scenario" that Wall Street had feared, noting that tech stocks "will clearly be under major pressure on this announcement as the worries about demand destruction, supply chains, and especially the China/Taiwan piece of the tariffs."

The new tariffs are expected to have far-reaching implications for the tech industry, potentially leading to higher costs, supply chain disruptions, and reduced consumer demand. As companies evaluate the impact of these measures, investors are bracing for potential downward revisions in earnings forecasts across the sector. The situation remains fluid, with market participants closely watching for any signs of de-escalation or further developments in the ongoing trade tensions.