By Mackenzie Tatananni

U.S.-listed shares of Alibaba, PDD, and other Chinese companies slid Friday after China hit back at President Donald Trump's latest barrage of import taxes with a 34% retaliatory tariff.

American depositary receipts of Alibaba, one of China's biggest tech companies, saw the biggest decline as they slid 10% to $116.04. Temu owner PDD Holdings was down 9.8%, while e-commerce company JD.com fell 9.3%.

Shares of Chinese electric-vehicle makers also were tumbling. XPeng, NIO, and Li Auto, the makers of autonomous vehicles, were down 9.8%, 8.1%, and 5.8%, respectively.

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."

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 04, 2025 08:46 ET (12:46 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.