NetEase (NTES) shares tumbled 6.61% in pre-market trading on Friday, as investors reacted to China's announcement of new tariffs and export controls on US goods. The Chinese gaming giant's stock decline comes amid a broader selloff in Chinese ADRs listed on US exchanges.
The sharp drop in NetEase's stock price follows China's Finance Ministry's declaration of additional 34% tariffs on all US goods, set to take effect from April 10. This move is seen as a direct countermeasure to the sweeping tariffs recently imposed by US President Donald Trump. Additionally, Beijing announced export controls on medium and heavy rare-earth elements to the United States and added 11 entities to its "unreliable entity" list, further escalating trade tensions between the two economic powerhouses.
The news has sent shockwaves through the market, particularly affecting Chinese companies with US listings. NetEase, along with other major Chinese tech and e-commerce firms, faced significant pressure in pre-market trading. Alibaba fell 9%, while JD.com and PDD Holdings dropped 8%. Other Chinese ADRs, including Baidu, NIO, and Li Auto, also experienced substantial declines. The broader impact was evident as US stock index futures extended losses, with the Nasdaq 100 e-minis down 2.38%, indicating a challenging day ahead for tech stocks.
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