The tariff policies of US President Donald Trump seem to be the only thing the global markets have been fixated on over the past two weeks.

Since 'Liberation Day' on 2 April, markets all around the world, including the ASX, have been on a savage rollercoaster ride. Down 4% one day, up 8% the next… It can be enough to give anyone watching a severe case of whiplash.

But these new tariffs, or the absence thereof, have some other consequences that might go unnoticed at first glance.

One such consequence has been the shifting title of 'world's most valuable company'.

This prestigious title has been held by Apple Inc (NASDAQ: AAPL) for many years now, with the occasional, yet brief, challenger.

In recent years, the iPhone maker's chief rival for this title has been none other than its tech archrival, Microsoft Corporation (NASDAQ: MSFT). Aside from a brief surge from Saudi oil giant Saudi Aramco a few years ago, it's largely been a two-horse race for a while now.

But Trump's tariffs have shaken that up.

Apple shares and Microsoft stock play musical chairs

Thanks in large part to Apple's heavier reliance on the sale of physical goods, not to mention the tech giant's complex supply chain web, investors have, probably accurately, assumed that the new tariffs would hit the company far harder than Microsoft. After all, Microsoft's most successful products, whether that be Xbox games, its Office suite, or its Windows operating system, are mostly digital these days.

To illustrate, the Apple stock price tanked by a whopping 9.25% after the Liberation Day tariffs were revealed. In contrast, Microsoft shares dropped a far tamer 2.36%.

Between 2 April and 8 April, Apple fell by 22.99%. Microsoft fell 7.22% over the same period.

This resulted in Apple losing its crown as the world's largest company for the first time in a very long time.

However, it didn't last very long.

Just as Apple's fall was more severe than Microsoft's, its recovery in recent days has been more dramatic. Since 8 April, the Apple share price has rebounded 10.44%. Microsoft has rallied 7.56% over the same time span.

So, as of the time of writing, Apple has reclaimed its crown. It currently commands a market capitalisation of US$2.86 trillion, just a whisker (US$300 billion or so) above Microsoft's US$2.83 trillion.

As such, buying a US-markets index fund like the iShares S&P 500 ETF (ASX: IVV) today will result in $6.44 out of every $100 going into Apple shares and $6.26 going into Microsoft stock.

Let's see if any future market uncertainty, or perhaps upcoming earnings, dethrones Apple once again.