Baidu's stock experienced a sharp 5.85% decline in the latest 24-hour trading period, as President Donald Trump announced a sweeping new tariff plan that sent shockwaves through the tech sector, particularly impacting Chinese companies.

The Chinese search giant was not alone in its downturn. Other major tech stocks also suffered significant losses, with Apple and Tesla tumbling over 7%, while Chinese peers such as Alibaba and JD.com saw declines of over 5%. The broader impact was felt across Chinese ADRs and ETFs, with some, like YINN, dropping as much as 9%.

The catalyst for this market turmoil was President Trump's announcement of a new tariff structure that goes beyond previous expectations. The plan includes a baseline 10% tariff on imports, with substantially higher rates for certain trading partners. China, in particular, faces a staggering 34% tax, which, when combined with existing tariffs, brings the total levy on Chinese goods to at least 54%. This move is expected to have a severe impact on Chinese exports to the United States, potentially disrupting global trade and supply chains. The new tariffs are set to take effect on April 9, with additional measures targeting small package imports from China and Hong Kong scheduled for May 2.