Tech, bank stocks tumble as Chinas retaliation stokes fears of widening trade war

-U.S. tech heavyweights, banks and oil majors fell sharply on Friday after China retaliated to Trump’s tariffs with steep duties, amplifying worries of a global economic downturn.

China slapped additional duties of 34% on U.S. goods, set to go into effect April 10. It also announced curbs on exports of some rare-earths and added several U.S. firms to its export control list and the “unreliable entities” list, which allows Beijing to take punitive action.