Shares of IonQ (IONQ -5.88%) had lost 6.3% as of noon ET today. The drop came as the S&P 500 (^GSPC) lost 1.5%, and the Nasdaq Composite (^IXIC) lost 1%.
Tariff fears drove the move in IonQ. President Donald Trump upped the ante in escalating trade tensions between the U.S. and China, Canada, and Mexico, and the additional tariffs imposed on China could impact IonQ's bottom line.
Trump on Tuesday enacted 25% tariffs on goods imported from Canada and Mexico, and increased tariffs on goods from China.
The announcement was met with assurances from all three countries that retaliatory tariffs would be imposed on U.S. goods. The escalation sent stocks across the market lower.
Just last week, IonQ reported its year-end earnings. In the report, IonQ specifically mentions a trade war with China as a threat to its bottom line. The report said that additional "tariffs and trade protection measures, especially in China and the United States, may adversely impact our business, including our ability to obtain products from our suppliers."
The new tariffs could also be accompanied by tighter trade controls on specific companies that deal in high-impact technologies, like IonQ, which is developing advanced quantum computing technology. However, even if the company isn't specifically targeted, the additional tariffs will likely impact its supply chain, raising costs and shrinking margins. It's easy to see why investors are pessimistic today.
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