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22 May 2024

Chinese, Hong Kong stocks dive on Trump tariffs threat

Photo: AFP

Published
By AP

Shares tumbled in Asia early Monday after President Donald Trump threatened in a tweet to impose more tariffs on China.

The Shanghai Composite index sank 4.8% and the Hang Seng in Hong Kong plunged 3.5%. Markets were closed in Japan.

The future contract for the Dow Jones Industrial Average fell 1.9% to 25,996.00, while that for the S&P 500 also shed 1.9%, to 2,892.00.

Trump's comments came a Chinese delegation was due to resume talks in Washington on Wednesday aimed at resolving a tariffs battle that has rattled world markets.

Apparently catching Beijing by surprise, Trump said he would raise import taxes on $200 billion in Chinese products to 25% from 10%.

The Wall Street Journal, citing unidentified sources, said China's government was considering canceling this week's talks.