US fintechs fall as escalating US-China trade war extends market rout
Shares of U.S. fintech companies fall premarket, paring Wednesday's gains after U.S. President Donald Trump's move to temporarily lower the heavy tariffs on dozens of countries
Trump also increased tariffs on China to 125% from 104%
Affirm AFRM.O down 3.6%, Pagaya Technologies PGY.O falls 3.3% and Upstart Holdings UPST.O down 2.6%
PayPal PYPL.O drops 1.9% and Block XYZ.N slips 1.7%
LendingClub LC.N sheds 4% in choppy trading
Despite the temporary reprieve on Wednesday, a trade war between the two largest economies in the world fuels uncertainty that could dampen consumer confidence and curb spending
The 10% blanket duty on almost all U.S. imports and separate duties on autos, steel and aluminum will remain in effect
Swedish fintech Klarna paused its plans for a U.S. IPO last Friday as investor and consumer sentiments eroded amid a tariff-induced global market rout
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