August 25, 2019, 1:13


Chinese Key Stock Indexes Drop by 2.6-3.3% Over Escalated Trade War With US

Chinese Key Stock Indexes Drop by 2.6-3.3% Over Escalated Trade War With US

BEIJING (Sputnik) – Chinese key stock indexes have decreased by 2.6-3.3 percent after the United States had designated China as a currency manipulator, according to trade data.

As of 03:08 GMT, the Shanghai Composite Index has dropped by 2.67 percent to 2746.02 points, the Shenzhen Composite has lost 3.27 percent to 1467.60 points while the Hang Seng Index has decreased by 2.7 percent to 25587.13 points.

On late Monday, the US Treasury Department said that the United States had designated China as a currency manipulator and would work with the International Monetary Fund to address the issue.

The United States and China have been engaged in a trade war since June 2018, when US President Donald Trump announced he was imposing tariffs on $50 billion worth of Chinese imports in a bid to balance the trade deficit. Since then, the two countries have imposed several rounds of tit-for-tat tariffs.

On Thursday, Trump said that an additional 10 percent tariff on $300 billion worth of Chinese goods would take effect starting from September 1. The president at the same time expressed readiness to continue negotiating a comprehensive trade agreement.

 

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