The Hang Seng dipped 227 points or around 1% to end at 21,295 on Tuesday, slipping for the first session in four amid a decline in US futures ahead of key US inflation data later this week.
Sentiment was further dampened after President Trump signed an order Monday imposing a 25% tariff on steel imports and raising duties on aluminum from 10% to 25%, both effective from March 4. Most sectors fell, with tech sinking 2.7% and slipping for the third day, as optimism for AI and chip stocks waned.
Capping further falls was Trump's statement that he had spoken to Chinese President Xi Jinping since taking office on January 20. However, he didn't offer details on the topics of their conversation. Among automakers, Geely Auto tumbled 10.3% and Xpeng slipped 9.1% on worries that they will struggle to compete against BYD which offers smart driving features across almost all of its line-up for free.
Meantime, Nongfu Spring sank 6.2%, while Trip.Com and Semicon Manufacturing retreated 4.9%, each.
Source: Trading Economics
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