Alibaba Group Holding Ltd's stock experienced a sharp selloff on Friday, plummeting as much as 5.01% intraday amid broad market turmoil triggered by escalating trade tensions between the US and China.
The slump in Alibaba's share price came after US President Donald Trump announced plans to double the tariff rate on Chinese imports, stoking fears of a prolonged trade war that could derail the global economy. The move sent shockwaves through Hong Kong's stock market, with the Hang Seng Index plunging 2.3% and the Hang Seng Tech Index shedding 4%.
Alibaba, one of China's tech giants, was among the worst hit, tumbling 4% as investors rotated out of equities and into safe-haven assets like US Treasuries. The selloff reflects mounting concerns that escalating trade frictions could disrupt China's exports, a key driver of its economic growth, and exacerbate existing challenges such as the property crisis and deflationary pressures.
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