Asian market plunge after Trump threatens more China tariffs
TOKYO (AP) - Shares tumbled in Asia early Monday after President Donald Trump threatened in a tweet to impose more tariffs on China.
The Shanghai Composite index sank 4.8% and the Hang Seng in Hong Kong plunged 3.5%. Markets were closed in Japan. The future contract for the Dow Jones Industrial Average fell 1.9% to 25,996.00, while that for the S&P 500 also shed 1.9%, to 2,892.00.
Trump's comments came a Chinese delegation was due to resume talks in Washington on Wednesday aimed at resolving a tariffs battle that has rattled world markets.
Apparently catching Beijing by surprise, Trump said he would raise import taxes on $200 billion in Chinese products to 25% from 10%.
The Wall Street Journal, citing unidentified sources, said China's government was considering canceling this week's talks.