Auto stocks fell in overnight trading. General Motors fell over 6%; Ford fell over 4%; Toyota, Honda fell around 2%; Tesla fell 1%. President Donald Trump signed a proclamation to implement a 25% tariff on auto imports, expanding a trade war designed to bring more manufacturing jobs to the US and setting the stage for an even broader push on levies next week.

“What we’re going to be doing is a 25% tariff on all cars that are not made in the United States,” Trump said at the White House on Wednesday. “We’re going to charge countries for doing business in our country and taking our jobs, taking our wealth, taking a lot of things that they’ve been taking over the years.”

The president said the tariffs would go into effect on April 2 and that the US would start to collect them a day later. The White House said the tariff would apply not only to fully assembled cars but key automobile parts, including engines, transmissions, powertrain parts and electrical components. That list could expand over time to encompass additional parts.

Nvidia stock continued to fall 1.6% in overnight trading after a 5.7% decline on Wednesday. The drop comes as more questions swirl around the future for Nvidia’s chips in China. Alibaba Chairman Joe Tsai said he was “astounded” by U.S. technology companies’ spending on artificial-intelligence infrastructure on Tuesday at the HSBC Global Investment Summit in Hong Kong and questioned the need for spending hundreds of billions on AI data centers.

Meanwhile, the U.S. on Tuesday added dozens of Chinese companies to a trade blacklist over national security concerns, requiring government approval before they can buy American technology. Among those added were subsidiaries of Inspur Group, China’s largest server maker and a major customer for Nvidia, Intel, and Advanced Micro Devices. 

GameStop shares fell 4% in overnight trading after announcing plans for a private offering of $1.3 billion in convertible senior notes, aiming to use the proceeds for general corporate purposes, including to invest in Bitcoin.

Earlier, Wedbush analysts led by managing director Michael Pachter raised their price target on the stock, noting they were impressed with a rare operating profit for the holiday quarter despite a significant drop in revenue.

Pachter pointed to GameStop's $4.8 billion in cash, which is up from $921.7 million a year earlier and which it has yet to deploy.

"It is clear that the company's operations have some value, albeit not as great as its share price suggests," Pachter wrote Wednesday, raising the target price to $11.50 from $10. The new target price reflects the company's cash balance of approximately $10.50 a share plus $1 in going concern value, he wrote. Wedbush rates the shares Underperform.