Chinese stocks fell by more than 5% amid escalating trade conflict with the US

An investor walks past an electronic screen showing stock information at a brokerage house in Nanjing, Jiangsu province, January 19, 2016. REUTERS/China Daily

CHINA (VOP TODAY NEWS) — Shares in China fell amid escalating tensions between the US and China, after US President Donald Trump announced an upcoming increase in duties on Chinese goods.

The Shanghai Composite Index to the close of trading fell by 5.58% to 2,906.46 points. The Shenzhen Composite fell 7.38% to 1,515.80 points.

The CSI 300 index, which tracks the shares of the largest public companies in mainland China, ended the day with a decline of 5.84% to 3,684.62 points.

Hong Kong’s Hang Seng Index lost 2.9% and by the close of the session it was at the level of 29,209.82 points.

Meanwhile, the Australian stock index ASX 200 on the basis of trading on Monday fell by 0.82%.

The exchanges of Japan and South Korea are closed on the occasion of the holidays.

On the eve of Trump wrote on Twitter, which will increase tariffs on imports of Chinese goods in the amount of $ 200 billion from 10% to 25% on Friday. He also threatened to introduce in the near future 25% tariffs for additional goods worth $ 325 billion.

Earlier, it was expected that this week trade negotiations between Washington and Beijing would reach the finish line and the deal would be concluded.

After Trump’s declarations of readiness to raise duties in the press, information appeared that China was ready to cancel or at least postpone the next round of talks that was to take place this week in the United States.

However, during a press conference on Monday, Foreign Ministry spokesman Gen Shuang said that the country’s delegation was still “preparing for a trip to the United States for trade negotiations.”

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