Baidu's stock (BIDU) plummeted 9.30% in Friday's trading session, as escalating trade tensions between China and the United States sent shockwaves through the market. The sharp decline comes in response to China's announcement of new retaliatory measures against recent US tariffs, which have particularly affected Chinese ADRs and tech stocks.
China declared it would impose additional tariffs of 34% on all U.S. goods starting April 10, in direct retaliation to the sweeping levies imposed by US President Donald Trump earlier this week. This move has triggered a broad selloff in Chinese stocks listed in the US, with Baidu among the hardest hit. Other major Chinese tech companies such as Alibaba, JD.com, and PDD Holdings also experienced significant declines.
The escalating trade war is raising concerns about potential impacts on Chinese tech firms' operations and their access to U.S. markets. As a leading Chinese technology company, Baidu's substantial drop reflects investor anxiety over the broader implications of these trade tensions on the tech sector and the overall economic relationship between the two countries.
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