April 4, 2018 / 1:36 PM / 4 months ago

Shares of U.S. exporters tumble as China retaliates on tariffs

April 4 (Reuters) - Shares in U.S. exporters of everything from food to planes were hammered on Wednesday after China retaliated against the Trump administration’s tariff plans with a list of duties on key U.S. imports including soybeans, planes, cars, beef and chemicals.

China hit back against U.S. President Donald Trump’s plans to impose tariffs on $50 billion in Chinese goods with similar tariffs on U.S. goods even as Trump said the country is “not in a trade war with China.”

Shares in U.S. aerospace giant Boeing Co fell 5.5 percent in early trade while agricultural machinery maker Deere & Co fell 5.6 percent. Soybean exporter Archer Daniels Midland Co was down 1.2 percent while another agribusiness Bunge Ltd fell 1 percent.

“So the fear of this ‘dispute’ turning into an all-out ‘war’ is once again on the front burner,” said Ken Polcari, director of the NYSE floor division at O’Neil Securities in New York.

Investors in U.S. technology companies were rattled since that sector has the biggest revenue exposure to China. Universal Display was down 3.7 percent. Apple Inc fell 1.6 percent.

Car maker General Motors Co was down 1.8 percent while Ford Motor Co was off 2 percent and Tesla Inc fell 4.3 percent.

Chemical provider Chemours Co shed 2.9 percent while DowDuPont Inc dropped 3 percent. (Reporting by Sinead Carew, Lewis Krauskopf and Charles Mikolajczak in New York, Taenaz Shakir in Bengaluru Editing by Jeffrey Benkoe)

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