U.S.-listed Chinese tech giants Alibaba (BABA), JD.com (JD), and PDD Holdings (PDD) saw sharp selloffs on Oct. 10 due to renewed U.S.-China trade tensions. President Trump threatened a sweeping 100% tariff on all Chinese imports, leading to declines of 8.5%, 6.2%, and 5.3% for BABA, JD, and PDD, respectively.

Trump’s tariff threat was in response to Beijing’s export controls on rare earths, seen as hostile by the U.S. This move aims to counter China’s aggressive trade stance, particularly in tech and mineral exports. The statements triggered global market retreats, with fears of disrupted supply chains and reduced consumer demand.

The S&P 500 and Nasdaq fell 2.7% and 3.6%, respectively, as investors reacted to the prospect of a renewed trade war. While the slump hit Chinese tech stocks hard, it may offer long-term investment opportunities. Despite the risks, the fundamentals of major Chinese Internet companies remain strong amid the uncertainty.

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Read more at Nasdaq: Chinese Tech Stocks Plunge as Trump Threatens 100% Tariffs