China and Taiwan, the global hubs for chip and high-tech manufacturing, got hit with levies of 54% and 32%, respectively. Nascent production bases like Vietnam and India are staring at taxes of at least 26%. On Friday, China said it will impose a 34% tariff on all imports from the US starting April 10.
There’s virtually nowhere to hide for many US technology companies under President Donald Trump’s new tariff regime, the harshest in a century.
After Thursday’s slump wiped US$1.4 trillion ($1.88 trillion) in market capitalisation from the Nasdaq 100 Stock Index, the gauge is down 16% in the past six weeks. The Magnificent Seven even more, at 20%. Chipmakers are in free fall. And there’s little sign the pain will end anytime soon, as seen by Friday’s 2.7% tumble in the Nasdaq 100 as China retaliated.
