Chinese stocks experienced significant declines on Friday as trade tensions between the US and China escalated.
The downturn was triggered by China’s move to impose retailiatory tariffs on the US.
In response to sweeping tariffs on Chinese imports announced by US president Donald Trump on Wednesday, raising total duties to 54%, China imposed 34% tariffs on all US goods.
The reciprocal tariffs have shaken investor sentiment, especially given their impact on around $500 billion in trade between the two countries.
Alibaba Group (NYSE:BABA) shares fell 10.9% to US$115 while PDD Holdings Inc (NASDAQ:PDD) shed 9.5% at about US$103.
Baidu.com (NASDAQ:BIDU) stock was down 10.2% at US$80 and JD.com Inc (NASDAQ:JD) was down 9.3% at US$36.