Micron Technology (MU) saw its stock plummet by 5.00% in Friday's pre-market trading, caught in a broader selloff affecting the semiconductor sector. The decline comes as chip stocks face significant pressure, with several industry leaders experiencing substantial losses.

The semiconductor industry's downturn appears to be driven by escalating trade tensions, as U.S. President Donald Trump announced steep tariffs on exports from numerous trading partners. The new tariffs, set to take effect within a week, include duties ranging from 10% to 50% on goods from countries such as Canada, Brazil, India, and Switzerland. This move has sparked concerns about potential disruptions in global supply chains and increased costs for chip manufacturers.

Micron's 5% drop is part of a sector-wide trend, with other major chip stocks also suffering significant losses. Marvell Technology fell over 6%, while AMD experienced a decline of more than 3%. Industry giants like Nvidia and Intel were not spared, with both seeing their stocks drop by over 2%. The widespread nature of these declines suggests that investors are reassessing the near-term prospects of the semiconductor industry in light of the new trade barriers.