Tesla (TSLA) and Apple (AAPL) stocks dropped 6% and 2.4%, respectively, on Friday following China's new tariffs on US goods.
China plans to impose an extra 34% tariff starting April 10, raising concerns about a possible global recession, Reuters reported.
Beijing will also limit exports of key rare-earth minerals and placed 11 US companies on an "unreliable entity" list, the media outlet reported.
Tesla and Apple earn a large part of their revenue from China, making them highly vulnerable to these actions, according to Reuters.
Other major US tech companies also saw declines. Alphabet (GOOG, GOOGL) fell 0.7%, Microsoft (MSFT) dropped 0.8%, and Meta (META) was down 3.8%.
Tesla, Apple, Alphabet, Microsoft and Meta did not immediately respond to requests for a comment from MT Newswires.
Price: 250.70, Change: -16.58, Percent Change: -6.20
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