Shares of GE HealthCare Technologies, Inc. plummeted 14% on Friday, marking its lowest drop since January 2023, following China's announcement of export controls on key rare earth materials. The decision, which affects seven types of medium and heavy rare earths, is part of China's broader retaliation against US tariffs and sanctions.

The company, which relies on these materials for medical imaging and diagnostic equipment, saw its shares fall after markets opened. The export restrictions, coming on the heels of a fresh 34% US tariff on Chinese goods, have sparked concerns about supply shortages in vital industries, including healthcare technology.

The company's stock dropped 14.02% to $61.9050 apiece at 9:47 am ET.