SHANGHAI (Reuters) – Hong Kong and Chinese stocks dived on Monday as markets around the world crumbled in the face of a widening global trade war and fears it will unleash a deep recession.
Hong Kong’s Hang Seng index was down 8% in early trade. Shares in online giants Alibaba and Tencent were down more than 8%.
China’s CSI300 blue-chip index fell 4.5%.
China, which is now facing U.S. tariffs of over 50%, responded in kind on Friday by slapping extra levies on U.S. imports.
(Reporting by Shanghai Newsroom; Editing by Kim Coghill)
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