Hong Kong Stocks Open Lower on US Tariffs, Slowing GDP Growth Concerns
Hong Kong stocks opened lower on Friday (11/04) after the White House clarified that tariffs on China would be 145%.
The Hang Seng Index fell 1.14% to 20,446.35 on Friday morning from Thursday's close of 20,681.78. The Hang Seng China Enterprises Index fell 0.39% to 7,638.24 from 7,668.38.
Trump's latest executive order raises tariffs on China to 125% from 84%.
A White House official said the 125% tariffs on Chinese imports are in addition to the 20% tariffs imposed by US President Donald Trump's administration on fentanyl, according to a CNBC report.
Meanwhile, Trump's tariffs on China have made it "impossible for everyone to do business," the South China Morning Post reported on Thursday, citing Steve Chuang Tzu-hsiung, chairman of the Federation of Hong Kong Industries.
"The biggest challenge for Hong Kong businesses now is, if you continue production in mainland China, will you ship it or not? Will American buyers cancel it," SCMP quoted Chuang as saying.
Source: Bloomberg