US fintechs fall as escalating US-China trade war extends market rout

Pagaya Technologies

10/04/2025 12:16

** Shares of U.S. fintech companies fall premarket, paring Wednesday's gains after U.S. President Donald Trump's move to temporarily lower the heavy tariffs on dozens of countries

** Trump also increased tariffs on China to 125% from 104%

** Affirm AFRM.O down 3.6%, Pagaya Technologies PGY.O falls 3.3% and Upstart Holdings UPST.O down 2.6%

**  PayPal PYPL.O drops 1.9% and Block XYZ.N slips 1.7%

** LendingClub LC.N sheds 4% in choppy trading

** Despite the temporary reprieve on Wednesday, a trade war between the two largest economies in the world fuels uncertainty that could dampen consumer confidence and curb spending

** The 10% blanket duty on almost all U.S. imports and separate duties on autos, steel and aluminum will remain in effect

** Swedish fintech Klarna paused its plans for a U.S. IPO last Friday as investor and consumer sentiments eroded amid a tariff-induced global market rout

(Reporting by Ateev Bhandari in Bengaluru)

((ateev.bhandari@thomsonreuters.com))