On Friday, major U.S. tech companies, banks, and oil firms saw their losses deepen after Beijing responded with an additional 34% tariff on U.S. goods. This came in retaliation to President Trump’s announcement of broad U.S. import tariffs designed to enforce fair and reciprocal trade.
Reuters:
Beijing’s tariffs are set to go into effect April 10. The country also announced controls on exports of medium and heavy rare-earths, and added 11 U.S. entities to the “unreliable entity” list.
Shares of Tesla and Apple – among companies with the biggest revenue exposure to China – both slumped more than 6%. Alphabet, Microsoft, and Meta also fell sharply.
Banks’ shares extended their declines following the countermeasures. The industry has been clouded by fears that a trade dispute could temper consumer confidence, reduce spending, weaken loan demand and pressure fees from advising on deals.
MacDailyNews Take: AAPL is now sub-$200 in premarket trading (down $8.69, or -4.25%, to $194.50).😄 It’s GLORIOUS!!! How low can the over-reactionaries make it go?! 💰💰💰
Never forget:
“Be fearful when others are greedy, and greedy when others are fearful.” – Warren Buffett
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there’s nothing “glorious” about a sociopath destroying the American economy (with lies).
Sociopaths destroyed America’s manufacturing base, thousands of factories and millions of jobs, this is what fixing it looks like.
Biden is no longer president.