US fintechs fall after China imposes additional tariffs

Shares of U.S. fintech companies fall after China announced an additional 34% tariff on all U.S. goods from April 10

U.S. President Donald 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

Affirm AFRM.O falls 11.2%, Pagaya Technologies PGY.O and LendingClub LC.N down 9.1% each, and Upstart Holdings UPST.O down 8.8%

PayPal PYPL.O drops 4% and Block XYZ.N slips 7.4%

Analysts have said potential inflationary pressures from tariffs could weigh on consumer spending; market turmoil amid economic uncertainty could further dampen sentiment