Trump’s China Tariff Plan Sparks $770 Billion Tech Sell-Off; Amazon, Nvidia, and Tesla Lead the Fall
Major technology companies faced their sharpest single-day losses since April, with Amazon, Nvidia, and Tesla leading a $770 billion decline in market value after President Donald Trump’s fresh warning of higher tariffs on Chinese goods. As per a CNBC report, the three stocks plunged nearly 5% during October 10 trading, pulling major indexes down. The Nasdaq dropped 3.6%, while the S&P 500 fell 2.7%, marking their worst session since April when Trump first mentioned “reciprocal” duties on U.S. trade partners.
Trump announced through a social media post that the United States would impose a 100% tariff on Chinese imports. He also said that from November 1, export restrictions would apply to “any and all critical software.” Following this statement, shares of Amazon, Nvidia, and Tesla fell another 2% in extended trading.
Other tech majors, including Microsoft and Google’s parent company Alphabet, were also hit hard. Nvidia suffered the biggest single-day loss among the tech giants, with its market capitalization shrinking by about $229 billion on Friday. The company, which supplies advanced chips for AI systems, had only recently achieved a $4.5 trillion market cap in late September, becoming the first company to touch that milestone.