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

Pagaya Technologies

10/04/2025 16:58

Updates

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

** However, tariffs on China now total 145%, the White House told CNBC on Thursday, up from the 125% announced on Wednesday, which was Trump's response to China retaliating to the previous 104% U.S. tariffs with 84% duties on U.S. imports

** Affirm AFRM.O down 8.8%, Upstart Holdings UPST.O down 8%, and  LendingClub LC.N sheds 7.9%

**  Pagaya Technologies PGY.O falls 6.9%, Block XYZ.N slips 6.7%, and PayPal PYPL.O drops 5.7%

** 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))