Tech stocks on fire as Trump administration weighs tariffs

Tech stocks are surging as President Donald Trump weighs tariffs on Chinese goods, but they remain far from surging to record highs.

Tech stocks rallied on Thursday, rising more than 4% after a CNBC report said the U.S. was considering imposing tariffs on China on the heels of the company’s admission that it is working on a new version of its anti-virus software.

The stock market has soared by more than 10% since mid-March, but the gains have been uneven.

The S&P 500 has climbed 6.9% in the past year and is up nearly 21% so far this year, the best performance since early-2015.

Meanwhile, tech stocks have fallen by more or less the same amount as the broader market.

The Dow Jones Industrial Average fell 3.1% on Thursday.

The Nasdaq Composite dropped 3.2%.

In contrast, tech has surged by a massive 6.6% year over year in the first nine months of 2017.

Wall Street had been bracing for a crackdown on China over its trade surpluses with the U, as the president had said in his speech on Friday.

The White House on Wednesday said Trump would consider imposing a 35% tariff on Chinese imports in a bid to pressure the country to lower its trade surplus.

The administration has said it was looking into possible tariffs of up to 35% against the biggest exporters of Chinese products, like Huawei and Lenovo.

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