Weibo Corporation (WB), the Chinese social media giant, saw its stock plummet 5.02% in pre-market trading on Friday, as investors reacted to the latest developments in the escalating trade tensions between China and the United States.
The sharp decline comes in response to China's announcement of retaliatory measures against the US. Beijing declared it would impose additional tariffs of 34% on all US goods starting from April 10, and implement export controls on several rare earth elements crucial for high-tech industries. These actions are seen as a direct countermeasure to the sweeping tariffs recently imposed by US President Donald Trump.
The news has sent shockwaves through the financial markets, particularly affecting Chinese ADRs trading in the US. Weibo, along with other major Chinese tech companies, is caught in the crossfire of this economic dispute. The broader impact is evident in the pre-market trading, with Chinese ADRs experiencing significant drops: YINN fell 17%, Alibaba 9%, and other tech giants like JD.com, PDD Holdings, and XPeng declining by 8%. This market-wide reaction underscores the heightened risks for Chinese companies amid the ongoing trade tensions, potentially explaining Weibo's notable pre-market plunge.
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