Boeing, Tesla shares plunge 5% as China announces new tariffs

Stocks fell Wednesday morning on rising concerns over a potential trade war between the U.S. and China.

China on Wednesday announced new tariffs on 106 U.S. products, including soybeans, cars, aerospace and defense.

As a result, automakers such as Ford and General Motors shares fell sharply near the market open, but rallied to up more than 1 percent. Telsa’s stock dropped as much as 5 percent before paring its loss and rising to up 7 percent. China is a key market for the electric car maker.

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