Shares of Chinese electric vehicle maker Li Auto Inc. plummeted by nearly 8% in premarket trading on Monday, as investor anxiety mounted over the potential implications of the 2024 U.S. presidential election on U.S.-China trade relations.
The sharp sell-off in Li Auto's stock reflected broader concerns weighing on Chinese tech and consumer stocks listed in both Hong Kong and the U.S. Traders cited fears that a potential victory for former President Donald Trump, who has vowed to impose steep tariffs on Chinese goods, could reignite trade tensions between the world's two largest economies.
During his campaign, Trump threatened to slap tariffs of 60% or higher on imports from China, raising the specter of a renewed trade war that could severely impact Chinese companies like Li Auto, which rely heavily on access to U.S. markets and supply chains. As election results trickled in late Monday, Hong Kong's benchmark Hang Seng Index tumbled over 2%, with tech giants like Alibaba and automakers like BYD and Li Auto leading the declines.
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