Hong Kong and Chinese stocks plummeted on Monday as global markets faced significant downturns due to escalating trade war tensions and concerns about a potential deep recession.
In early trading, Hong Kong’s Hang Seng index dropped by 8%, with shares of major online companies like Alibaba and Tencent falling over 8%.
China’s CSI300 blue-chip index also experienced a decline of 4.5%.
In response to U.S. tariffs exceeding 50%, China announced additional tariffs on U.S. imports on Friday.
