American technology companies lose $770 billion after Trump threatened to impose new tariffs on China
Shares of giant technology companies witnessed a sharp decline, collectively losing about $770 billion of their market value, after US President Donald Trump threatened to escalate the trade war with China, as shares of NVIDIA, Amazon, and Tesla fell by about 5% each, pushing the Nasdaq index to decline by 3.6%, which is its worst performance since last April.
CNB reported. C" The American English-language Economist said that the decline came after US President Donald Trump announced the imposition of a huge increase in customs duties on Chinese imports to the United States, by 100%, as of November 1, and the application of export restrictions on all vital software, which increased selling pressure on technology stocks after trading hours.
The Nasdaq and Standard & Poor’s 500 indexes fell by 3.6%. and 2.7%, respectively, their largest decline since April, when Trump previously threatened to impose “reciprocal” tariffs. On US trading partners.
After the market closed, stocks continued to decline in extended trading, with shares of Amazon, NVIDIA, and Tesla falling by about an additional 2%.
Trump’s latest threats disrupted, if only temporarily, the ongoing rally in the technology sector, which was driven by huge spending plans on artificial intelligence architecture. Infrastructure.
In late September, Nvidia, the manufacturer of graphics processors used in training artificial intelligence models, became the first company to reach a market value of $4.5 trillion, but it lost about $229 billion of its value in just one day.
Shares of Alphabet (the parent company of Google) also fell by 2%, and shares of Meta (owner Facebook) by approximately 4%. Thus, the trade tension between Washington and Beijing returns to shake the technology markets, as Trump’s tariff threats led to the largest decline in US stock indices since the spring, and losses of hundreds of billions in the largest technology companies in the world.
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