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Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) fell 9.7% in the afternoon session after China imposed a 34% tariff on all U.S. imports amid escalating trade war tensions. This was partly in response to the "reciprocal tariffs" announced by the Trump administration the previous day, with levies on Chinese goods estimated to be as high as 50%.

Shares of analog chip manufacturer Texas Instruments (NASDAQ:TXN) fell 6.3% in the afternoon session after China imposed a 34% tariff on all U.S. imports amid escalating trade war tensions. This was especially rough for the US chipmakers because a big chunk of their business leans on demand out of China. The new tariffs not only threaten to erode profit margins but also risk reducing market share.

Shares of iPhone and iPad maker Apple (NASDAQ:AAPL) fell 5.9% in the afternoon session after China imposed a 34% tariff on all U.S. imports amid escalating trade war tensions. This was partly in response to the "reciprocal tariffs" announced by the Trump administration the previous day, with levies on Chinese goods estimated to be as high as 50%.

Shares of computer processor maker Intel (NASDAQ:INTC) fell 10.9% in the afternoon session after China imposed a 34% tariff on all U.S. imports amid escalating trade war tensions. This was especially rough for the US chipmakers because a big chunk of their business leans on demand out of China. The new tariffs not only threaten to erode profit margins but also risk reducing market share.

(Reuters) -The stock market plunge has more to do with the emergence this year of China's DeepSeek artificial intelligence tool than with President Donald Trump's policies, U.S. Treasury Secretary Scott Bessent said in an interview released on Friday that signaled little concern about the ongoing nosedive. "For everyone who thinks these market declines are all based on the President's economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek," Bessent told conservative commentator Tucker Carlson. "If I were to analyze in my old hat, and this is the only time I'm going to talk about it ... what's happening with the market I'd say it's more a Mag 7 problem, not a MAGA problem," Bessent, who ran a hedge fund until being tapped as Treasury secretary by Trump, said.

Bitcoin prices ticked up Friday, reversing a slide that began when new tariffs were unveiled earlier this week.

A National Cryptocurrency Association report suggests Bitcoin and its peers have an increasingly diverse demographic of fans.