Hong Kong stocks retreated on Trump's new tariff threats

Hong Kong stocks dived 1 percent in the morning on US President Donald Trump’s expanded tariff threats. 

The benchmark Hang Seng Index started today at 22,777 points, 199 points or nearly 0.9 percent lower than the previous close, felling from an over-four-month high.

HSI dipped further to 22,730 points as of 9.39 am in Hong Kong, down by 246 points or 1.07 percent from the previous close.

The tech gauge opened 1.1 percent or 63 points lower at 5,576 points.

Earlier in the day, Trump said he intends to impose auto tariffs "in the neighborhood of 25 percent" and similar duties on semiconductors and pharmaceutical imports, the latest in a series of measures threatening to upend international trade.

On Friday, Trump said levies on automobiles would come as soon as April 2, the day after members of his cabinet are due to deliver reports to him outlining options for a range of import duties as he seeks to reshape global trade.

China’s chip giant Semiconductor Manufacturing International Corp (0981) dropped 0.6 percent to HK$47.5 at 9.20 am.

Alibaba (9988) fell 2.06 percent in the early trade hours to HK$123.7. Meituan (3690) slid 1.9 percent to HK$169.6.

THEMIS QI AND REUTERS