Asia falls after Trump announces more tariffs on China; Hong Kong, Japan drop more than 2% [CNBC]
HON HAI PRECSON S/GDR NEW (HNHPF)
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Source: CNBC
Asia stocks dropped on Friday after a surprise tariff announcement from the United States overnight escalated trade tensions between Washington and Beijing. U.S. President Donald Trump said Thursday that the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods starting Sept. 1. In the wake of the unexpected move, mainland Chinese stocks tumbled on the day. The Shanghai composite fell 1.41% to about 2,867.84, the Shenzhen component slipped 1.42% to 9,136.46 and the Shenzhen composite shed 1.484% to approximately 1,539.86. Over in Hong Kong, the Hang Seng index declined 2.35% to close at 26,918.58. Responding to Trump's latest salvo, China's foreign ministry said Friday that the country does not want a trade war with the U.S. but is unafraid of fighting one . U.S.-China trade war developments have roiled markets for more than a year, and there have been signs the rafts of additional tariffs from both sides are having real effects on economies around the world. As
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