Weibo Corp's shares fell sharply by 5.03% on Friday, as escalating trade tensions between the U.S. and China weighed heavily on Chinese stocks listed on U.S. exchanges.
The selloff in Weibo and other Chinese American Depository Receipts (ADRs) was triggered by President Donald Trump's announcement on Thursday of imposing an additional 10% tariff on $300 billion worth of Chinese imports. This came on top of the 10% tariff Trump levied in February, further raising fears of a prolonged trade war between the world's two largest economies.
The negative sentiment spilled over from China's domestic markets, where the benchmark Hang Seng Index plunged over 3% in its largest one-day decline since October 2024. The blue-chip CSI300 Index and Shanghai Composite Index both tumbled around 2% amid concerns over the tariff threats and their potential impact on Chinese companies and economic growth.
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