Feb 5, 2025 - News

San Diego-based Illumina caught in U.S.-China trade war

Andrew Keatts

Chinese President Xi Jinping in Beijing, China, last month. Photo: Rao Aimin/Xinhua via Getty Images

Illumina, the San Diego-based gene sequencing giant, is taking a hit this week after China placed the company on its "unreliable entity" list.

Why it matters: Companies placed on China's blacklist, which this week also included the parent company of Calvin Klein and Tommy Hilfiger, can face fines, a freeze on trade and a revocation of work permits for foreign staff, as Reuters reported.

State of play: Illumina shares fell 6% to $123.13 Tuesday after China announced the measure as part of its reaction to new Trump administration tariffs.

Illumina shares rallied slightly Wednesday, climbing 0.48% to $124.68.

What they're saying: An Illumina spokesperson told Reuters the company is trying to reach a positive resolution with China.

"Wherever Illumina operates, we comply with all laws and regulations," the spokesperson said.

Context: 7% of Illumina's sales come from China, and two of the company's competitors are listed in a federal bill that would restrict business with Chinese companies on national security grounds.

The House passed that bill in September but it did not pass in the Senate.

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San Diego-based Illumina caught in U.S.-China trade war

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