US fintechs fall as escalating US-China trade war extends market rout

Shares of U.S. fintech companies fall premarket, extending tariff-induced losses, after China said it will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced

Upstart Holdings UPST.O down 5%, Pagaya Technologies PGY.O falls 4.1%, and LendingClub LC.N down 3%

Affirm AFRM.O and Block XYZ.N slip 1.8% each, and PayPal PYPL.O drops 1.4%

U.S. President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104% duties on Chinese goods

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

Swedish fintech Klarna paused its plans for a U.S. IPO last Friday as investor and consumer sentiments continue to erode amid a tariff-induced global market rout