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

Shares of U.S. fintech companies fall, paring Wednesday's gains after U.S. President Donald Trump's move to temporarily lower heavy tariffs on dozens of countries

However, tariffs on China now total 145%, the White House told CNBC on Thursday, up from the 125% announced on Wednesday, which was Trump's response to China retaliating to the previous 104% U.S. tariffs with 84% duties on U.S. imports

Affirm AFRM.O down 8.8%, Upstart Holdings UPST.O down 8%, and LendingClub LC.N sheds 7.9%

Pagaya Technologies PGY.O falls 6.9%, Block XYZ.N slips 6.7%, and PayPal PYPL.O drops 5.7%

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