09:51 AM EDT, 04/04/2025 (MT Newswires) -- Tesla (TSLA) and Apple ( AAPL ) stocks dropped 6% and 2.4%, respectively, on Friday following China's new tariffs on US goods.

China plans to impose an extra 34% tariff starting April 10, raising concerns about a possible global recession, Reuters reported.

Beijing will also limit exports of key rare-earth minerals and placed 11 US companies on an "unreliable entity" list, the media outlet reported.

Tesla and Apple ( AAPL ) earn a large part of their revenue from China, making them highly vulnerable to these actions, according to Reuters.

Other major US tech companies also saw declines. Alphabet (GOOG, GOOGL) fell 0.7%, Microsoft ( MSFT ) dropped 0.8%, and Meta (META) was down 3.8%.

Tesla, Apple ( AAPL ), Alphabet, Microsoft ( MSFT ) and Meta did not immediately respond to requests for a comment from MT Newswires.

Price: 250.70, Change: -16.58, Percent Change: -6.20