The new US tariffs on China come on top of a 10% duty that took effect earlier this month, a move that is set to aggravate concerns about the world’s No. 2 economy that is already struggling with a property crisis and deflationary pressures.
Chinese stocks dropped after US President Donald Trump said he would impose an additional 10% tax on the Asian nation’s imports, a development that adds to investors’ worries about intensifying trade tensions.
A gauge of Chinese shares listed in Hong Kong slid as much as 1.2%. The onshore benchmark CSI 300 Index fell as much as 0.5%, on course to suffer its first weekly loss in a month.
