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In a surprise move, US President Donald Trump said he would raise tariffs on US$200 billion worth of Chinese goods because trade negotiations with China are moving too slowly.
Markets across the world plunged on the announcement. US stock futures tumbled, with S&P 500 e-minis down 1.9 per cent in latest trading. The offshore yuan weakened as much as 1.2 per cent against the US dollar to a four-month low in morning trading.
China is considering cancelling a planned Washington trip this week by Chinese President Xi Jinping’s top trade envoy, Liu He, according to The Wall Street Journal.
The China markets are heading into the first trading day of May after a three-day public holiday to mark Labour Day.
Stay with us to check out the latest action in the China and Hong Kong markets throughout the day.
– Yujing Liu and Azar Zaidi in Hong Kong