Gaotu Techedu Inc. (GOTU) plummeted 5.52% in the pre-market trading session on Friday, as Chinese American Depository Receipts (ADRs) and exchange-traded funds (ETFs) faced a sell-off driven by escalating trade tensions between the United States and China.
The sell-off was triggered by comments from US President Donald Trump, who announced plans to double the tariffs on Chinese imports. This move heightened concerns about potential slowdowns in the world's two largest economies due to the reignited trade war.
The declines mirrored an overnight rout in US stocks and losses across Asia-Pacific markets, as global traders rotated out of equities and into Treasuries. The new tariffs on China risk disrupting the nation's exports, which were a significant contributor to its economic growth in the previous year.
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