Plus, Tesla removes a buy option on its China website. And the EU talks with Beijing about an alternative to current tariffs on Chinese EVs. Victoria Craig hosts.
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[00:00:01] Here's your TNB Tech Minute for Friday, April 11. I'm Victoria Craig for The Wall Street Journal. Tariff-induced whiplash on Wall Street this week has helped lead the tech-heavy Nasdaq composite into its most volatile calendar month since 2008. The index has shed around 5% of its value since new U.S. tariffs were announced on April 2.
[00:00:21] Those trade tensions are still ricocheting through the corporate world. With U.S. tariffs on China up to 145% on certain goods, China's biggest tech companies are deploying billions of dollars to help exporters. JD.com will spend nearly $30 billion over the next year to buy products originally destined for export markets to help manufacturers sell their goods to domestic customers.
[00:00:45] Alibaba's grocery chain, meanwhile, said it's opening a fast-track channel for exports and a dedicated platform for people in China to buy goods that otherwise would have been shipped overseas. What Chinese customers can't buy as easily now, though? Tesla cars. The company has taken away from its China website the option to buy new Model S and X vehicles, both of which the American company exports to China.
[00:01:09] Buyers can still place orders on existing inventories of those cars and other models on the site. Tesla's China sales dropped 11% in March from last year as it faces pressure from tariffs and growing competition in the world's largest auto market. Finally, Beijing has engaged with the European Union in a dialogue to find an alternative for the bloc's tariffs on Chinese-produced electric vehicles. The current discussion is around whether manufacturers can agree to offer price floors.
[00:01:38] The EU last year imposed tariffs of up to 35% on Chinese EVs after it cited evidence of unfair subsidies in China's supply chain. Share prices of Chinese EV makers BYD and Geely rose 7% and 6% respectively. On that news. For a deeper dive into what's happening in tech, check out Monday's Tech News Briefing podcast. .