Shares of Illumina Inc. ILMN fell nearly 4% on Robinhood overnight after the Chinese Ministry of Commerce added the company, along with Calvin Klein owner PVH Corp. PVH to the unreliable entities list amid the ongoing trade war with the U.S..
What Happened: China claimed in its press release that these two companies have disrupted normal market transactions and tried to harm the legitimate rights and interests of Chinese enterprises.
The specific measures to be taken against the companies have not yet been disclosed. However, they are expected to be in line with the “Regulations on the List of Unreliable Entities,” which allow for restrictions on trade, investment, and other business activities.
Why It Matters: China’s State Administration for Market Regulation also announced on Tuesday that it will be investigating Alphabet Inc.‘s GOOG GOOGL Google for alleged anti-monopoly practices. This comes shortly after China imposed new tariffs on select U.S. goods, including coal, LNG, crude oil, farm equipment, and vehicles.
On Monday, President Donald Trump postponed his threat of imposing 25% tariffs on Mexico and Canada at the last minute, agreeing to a 30-day delay in exchange for concessions regarding border and crime enforcement with the two neighboring countries. However, there was no similar pause on the 10% tariffs imposed on China.
Illumina fell 3.89% on Robinhood overnight, whereas PVH had ended over 7% lower on Monday. The exchange-traded fund tracking the S&P 500 index, SPDR S&P 500 ETF Trust SPY had ended 0.67% lower to close at $597.77 on Monday.
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