HK Stocks Slump At Open On US Tariff News
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2019-05-06 HKT 09:38
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Hong Kong stocks plunged in the opening minutes of trade on Monday as investors reacted to the announcement by President Trump that the United States will raise tariffs on US$200 billion of Chinese goods.
The tariff hike is seen as a blunt warning to Beijing just days before what is being billed as a last-ditch round of talks to reach a deal or resume their trade war.
To press China even more to accept US demands, Trump also threatened again to slap tariffs on all Chinese imports to the US -- worth US$539.5 billion last year.
The Hang Seng Index was down 704 points, or 2.3 percent, at 29,378 in early trade.
The Shanghai Composite Index dived 3 percent to 2,984 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, sank 3.7 percent to 1,576. (AFP)
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