REUTERS – Chinese stocks slipped today morning (July 6) ahead of the implementation of major tariffs that will move the trade row between the United States and China to a new level and cloud the global economic outlook.
Hong Kong’s Hang Seng Index opened up 0.3 percent at 28,254.37 points and slipped 0.4 percent around noon. The Shanghai Composite index went up 0.48% initially then fell 0.7% at 0250 GMT.
The United States is set to impose tariffs on $34 billion of Chinese imports from 0401 GMT on Friday and has warned it may ultimately target over $500 billion worth of goods, or roughly the total amount the United States imported from China last year.
Beijing vowed to immediately respond with an equal amount of tariffs of its own against U.S. autos, agricultural and other products, though it is unclear how swiftly the actions could escalate into an all-out trade war.