China Targets San Diego's Illumina in Retaliation for Trump Tariffs Increase
Gene sequencing firm says it assessing the move
In the wake of President Trump’s new tariffs, China retaliated this week by barring the San Diego gene-sequencing firm, Illumina, Inc., from exporting its equipment to China.
On the news, Illumina’s stock price dropped from $84.03 on Monday to $80.69 but bounced back yesterday to close at $84.89. The company, which dominates the gene sequencing market, is one of 15 American companies targeted by China for punitive trade measures. On Feb. 4, China designated it as an “unreliable entity.”
Most of the other companies that were singled out by China have little to do with biotechnology.
Illumina said in a statement that the move does not ban Illumina from operating in China.
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