Big Tech stocks fall after China retaliates with 34% import tariffs on US goods

Shares of Big Tech stocks fall in premarket trading

China's finance ministry said it will impose additional tariffs of 34% on all U.S. goods from April 10 as a countermeasure to sweeping tariffs imposed by U.S. President Donald Trump

Trump said on Wednesday he would impose a 10% baseline tariff on all imports into the U.S. and higher duties on some of the country's biggest trading partners

Apple AAPL.O drops 3.5%, Google-parent Alphabet GOOGL.O down 2.8%, Microsoft MSFT.O falls 3.1%

Meta Platforms META.O slips 4.2%, Amazon AMZN.O down 5.7% and Nvidia NVDA.O drops 3.2%

Analysts had raised concerns about how tariffs could weigh on tech stocks due to worries over supply chain as well as pricing and margin impacts, with companies such as Apple and Nvidia having big exposure to China and Taiwan for manufacturing their products