Chinese tech stocks are getting hit after report says Trump wants to go ahead with tariffs
- Chinese tech stocks slid after President Donald Trump reportedly OK'd hitting China with the next round of tariffs.
- Treasury secretary's attempt to restart trade talks with Beijing and China welcomed the invitation on Thursday.
- China said it will not buckle to US demands in any trade negotiations, reported by Reuters.
- Watch Alibaba, iQiyi, JD.com, Baidu.com, Pinduoduo, Nio trade in real-time here.
Chinese tech stocks are getting sliding after President Donald Trump reportedly OK'd hitting China with the next round of tariffs despite the two sides attempts to extend trade talks.
On Friday, Trump instructed aides onto proceed with tariffs on about $200 billion worth of Chinese products despite, Bloomberg says, citing four people familiar with the matter. The news comes just two days after Treasury Secretary Steven Mnuchin extended an invitation to Chinese officials to restart talks.
And while Ministry of Commerce welcomed the invitation on Thursday, Reuters reported that officials were unlikely to buckle to US demands, citing an editorial published Friday by the state-run China Daily newspaper.
As a result, Chinese tech stocks are taking a beat across the board. Here's the scoreboard:
- iQiyi (IQ): -4%
- Nio (NIO): -4%
- Pinduoduo (PDD): -3.4%
- JD.com (JD): -1.3%
- Baidu.com (BIDU): -0.6%
- Alibaba (BABA): -0.5%
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