In response to escalating trade tensions between the US and China, several stocks fell in the afternoon session after President Trump’s announcement of a potential ‘massive increase’ in tariffs on Chinese imports. China recently imposed new export controls on critical minerals, requiring government approval for exports of products containing rare-earth materials crucial for high-tech goods. This move is seen as a strategic assertion of dominance in the global rare earth supply chain. Coastal Financial’s shares were impacted, with market concerns over consumer confidence, a cooling economy, and the looming threat of a US government shutdown affecting profitability and market uncertainty.

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