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

Shares of Big Tech stocks fall after China announced an additional 34% tariff on all U.S. goods as a countermeasure to sweeping tariffs imposed by U.S. President Donald Trump

China's finance ministry says the additional levies will be effective from April 10

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

China now faces a total of 54% tariff on exports to the U.S.

Apple AAPL.O drops 2.4%, Google-parent Alphabet GOOGL.O and Microsoft MSFT.O down about 1% each

Meta Platforms META.O slips 3.2%, Amazon AMZN.O down 2.8% and Nvidia NVDA.O drops 4.1%

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

"This will only heighten fears of a global trade war and slower economic growth and such concerns help to explain the further slide in global equities today," says Russ Mould, investment director at AJ Bell