Hong Kong and other stock markets in the Asia-Pacific region traded lower on Wednesday after staging a rebound a day earlier, as US President Donald Trump’s hefty tariffs on China were set to take effect later in the day.
The Hang Seng Index slumped 3.1 per cent to 19,494.92 when the market opened, the lowest level since mid-January. The Hang Seng Tech Index plunged 4.3 per cent. On the mainland, the CSI 300 Index, which tracks the 300 largest stocks in Shanghai and Shenzhen, slipped 1.2 per cent.
Other major Asia-Pacific markets weakened: Japan’s Nikkei 225 Index fell 3 per cent, South Korea’s Kospi slid 1.1 per cent and Australia’s S&P/ASX 200 retreated 1.5 per cent.
Trump threatened to apply an additional 50 per cent tariff on Chinese imports, pushing the total levy on many imports from China up to 104 per cent, amid an escalating global trade war.
In response, Beijing vowed to “fight to the end” and has stepped up its intervention efforts to stabilise its financial markets, calling on state-owned investment vehicles and insurance companies to help stem the worst rout in decades.
