Shares in Hong Kong plunged 380 points or 1.7% to 222,631 on the Tuesday morning session following modest gains in the prior session. The steep decline followed a rout on Wall Street overnight after US President Trump confirmed that tariffs on key trading partners would take effect today.
Meanwhile, China's state-backed Global Times said Beijing was preparing tariff countermeasures, potentially targeting US agricultural exports and increasing the prospect of tit-for-tat tariffs.
Markets notched their lowest in nearly two weeks, with all sectors dragging down the benchmark Hang Seng index. Consumer and tech sectors suffered the most, slipping over 2%, each. Capping further losses were hopes of fresh stimulus recommendation from China's Two Sessions that will kick off today.
Source: Trading Economics
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