Chinese Tycoons Lose Billions In Market Mayhem Caused By Trump Tariffs [Forbes]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Forbes
Chinese stocks plunged steeply on Monday as a tit-for-tat tariff war with the U.S. builds, and the country's richest tycoons lost tens of billions of dollars in a day. After initially to the Trump administration's tariff increases, the country's stock markets fell off a cliff as investors returned from an extended holiday weekend. The CSI 300 index tracking stocks listed in Shanghai and Shenzhen dropped as much as 7.5% in trading Monday morning while Hong Kong's Hang Seng Index plummeted as much as 10.5%. The market mayhem came after China retaliated on Friday by imposing a matching 34% duty on all U.S. imports starting April 10. Beijing's countermeasures also include restricting the export of certain rare-earth metals. The retaliation, which came on a public holiday, stood in contrast with delayed responses to Trump's previous tariffs, according to an April 5 Nomura research note. As the world's two largest economies showed little interest in engaging in negotiations in the ne
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