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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