Chinese ADRs and ETFs sank in morning trading on Friday after China hit back at President Donald Trump’s latest barrage of import taxes with a 34% retaliatory tariff.

YINN fell 20%; Bilibili fell 13%; Alibaba, NIO, and JD.com fell 10%; iQiyi, Baidu, XPeng, and PDD Holdings fell 9%; Trip.com fell 8%; Li Auto and Tencent Music fell 7%; NetEase fell 6%.

The sharp declines came after Trump imposed tariffs of at least 10% on all countries, plus higher-than-expected “reciprocal” tariffs on certain U.S. trade partners, including China, in an announcement Wednesday.

China was hit with a 34% tariff on top of preexisting levies. Trump signed an executive order imposing a 10% tax on imports from China at the start of February, followed by an additional 10% tariff in March.

In a statement Friday, China’s tariff commission described the latest move by Trump as “inconsistent with international trade rules,” dubbing it “a typical unilateral bullying practice.” The country also vowed to impose sweeping levies on all U.S. goods starting April 10, in an apparent bid to protect China’s “legitimate rights and interests.”