Shares of Chinese electric vehicle maker NIO Inc. tumbled over 6% in premarket trading on Monday, as US-listed Chinese stocks were roiled by worries of escalating trade tensions with the United States if Donald Trump wins another term as President.
The prospect of a potential Trump presidency raised concerns of increased tariffs and trade barriers on Chinese goods. Trump has threatened to impose tariffs of 60% or more on imports from China if re-elected.
These fears triggered a broad sell-off in Chinese stocks, with mainland China's blue-chip CSI300 Index falling 0.5% and Hong Kong's Hang Seng Index down 2.3%. Other prominent Chinese companies, including e-commerce giants Alibaba and JD.com, as well as tech firms like Baidu and Bilibili, also saw their US-listed shares decline sharply in premarket trading.