HK-listed Chinese stocks up even as China, US tariffs roll
Chinese stocks listed in Hong Kong surged on Tuesday as investors loaded up on artificial intelligence and electric vehicle shares while shrugging off news of tit-for-tat Sino-U.S. tariffs on each others' goods.
China's finance ministry announced a package of tariffs on a range of U.S. products in an immediate response to a 10% new tariff on Chinese imports announced by U.S. President Donald Trump that went into effect at 0501 GMT.
Investors had been hoping Trump would retract the proposal to raise tariffs on China at the last minute, just as he did with Canada and Mexico on Monday.
But as the deadline passed and U.S. tariffs came into force, China announced its own levies of 15% for U.S. coal and LNG and 10% for crude oil, farm equipment and some autos. The new tariffs on U.S. exports will start on Feb. 10, China's finance ministry said.
Trump's press secretary said the president will speak with Chinese President Xi Jinping in the next couple of days.
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