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China stocks tumble on Trump tariff threat

China stocks tumble on Trump tariff threat
May 06
10:24 2019

(UTV|COLOMBO) – Chinese stock markets tumbled on Monday after US President Donald Trump threatened new tariffs on China, putting a trade deal in doubt.

He said on Twitter the US would more than double tariffs on $200bn (£152bn) of Chinese goods on Friday and would introduce fresh tariffs.

Recent comments had suggested both sides were nearing a trade deal.

A Chinese delegation was due to travel to Washington this week for talks aimed at ending the trade war.

US media has reported that China is now considering cancelling those talks, led by Vice-Premier Liu He, that were scheduled to resume on Wednesday.

Some reports said the Chinese were due to send a 100-person delegation to the negotiations.

The Chinese government has yet to officially comment on Mr Trump’s tweets.

In China, Hong Kong’s Hang Seng index dropped 3.7%, while the Shanghai Composite plunged 5.3%.

US stock futures pointed to a lower open on Wall Street. (BBC)

 

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