- Stocks of US-listed Chinese companies slumped on Wednesday, with Alibaba down more than 4% in pre-trading.
- Other Chinese stocks also suffered. JD.com, another Chinese retailer listed in the US, was down more than 3%. Chinese internet company NetEase is down 2.8%, while online retailer Baozun was down more than 5%.
- China’s government plans to slap a 25% tariff on automobiles, soybeans and chemicals, according to reports by Bloomberg, heightening fears of a trade war. The retaliatory response would be the equivalent of $US50 billion worth of tariffs on more than 100 different American products.
- China’s response comes less than 24 hours after the US announced an initial list of the products that will be subject to roughly $US50 billion in new tariffs. The list would impose tariffs on raw materials, construction machinery, agricultural equipment, electronics, medical devices, and consumer goods in China.
- You can watch Alibaba’s stock price in real time here.
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