Stock Track | NIO Shares Plummet in Pre-Market Trading Amid US-China Trade Tension Fears

Stock Track2024-11-07

Shares of NIO Inc., a leading Chinese electric vehicle manufacturer, experienced a sharp pre-market plunge of 7.95% on Monday, November 6, 2024. The steep decline was fueled by growing concerns over potential escalating trade tensions between the United States and China in the event of a Donald Trump presidency.

The prospect of Trump winning another term as President raised alarms among investors, as the former President had previously threatened to impose crippling tariffs of 60% or more on imports from China. Such tariffs could significantly impact Chinese companies' access to the crucial US market, posing a significant threat to their growth prospects.

The fears of heightened trade barriers and potential economic retaliation from a Trump administration triggered a broad sell-off in Chinese stocks listed on US exchanges. Alongside NIO, other prominent Chinese companies, including e-commerce giants Alibaba and JD.com, as well as tech firms like Baidu and Bilibili, saw their US-listed shares decline sharply in premarket trading.

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