News

Many companies involved in the telecommunications industry have taken major stock hits since the White House’s tariff announcements this week.

By: Brad Randall, Broadband Communities

Telecommunications firms have not been immune from recent volatility on Wall Street.

As of closing time on Friday, the Dow Jones was down over 5 percent, and over 12 percent in the past month. Meanwhile, the Nasdaq also fell over 5 percent Friday, with companies like Comcast sharing in those losses.

Losses have been most fierce following the announcement of sweeping tariffs on Wednesday afternoon by President Donald Trump.

Verizon shares traded down more than 5.6 percent on Friday, for instance. AT&T shares, meanwhile, dropped over 6 percent, according to Yahoo Finance.

Additionally, shares for Charter Communications fell over 8 percent Friday at closing.

Similarly, T-Mobile was down over 7 percent on Friday.

Shares for Corning Incorporated, which produces optical fiber products, among other products, were also down over 7 percent on Friday.

China announces retaliatory tariffs

The Wall Street selloffs on Friday came as China announced retaliatory measures against U.S. tariffs.

According to CNN, China has announced 34 percent reciprocal tariffs to be imposed starting on April 10.

The amount matches the percentage that Trump announced Chinese imports would be charged earlier this week.

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