Tesla, chip stocks Intel, Qualcomm tumble as China's retaliation stokes fears of widening trade war
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U.S. chip companies, banks and oil majors fell sharply on Friday after China retaliated to Trump's tariffs with steep duties, in an intensifying trade war between the world's two largest economies that cast a shadow on global growth. China slapped additional duties of 34% on U.S. goods, set to go into effect April 10. It also announced curbs on exports of some rare-earths and added several U.S. firms to its export control list and the "unreliable entities" list, which allows Beijing to take punitive action. The action followed U.S. President Donald Trump's 34% duties on imports from China announced on Wednesday, which triggered a massive market meltdown on Thursday. The latest levies were on top of the 20% tariffs on China imposed earlier this year. Investors were already fretting over potential supply chain disruptions, price hikes and demand destruction for everything from cars and smartphones to sneakers. Share...