Fresh US tariffs bear down on HK stocks

Hong Kong stocks dipped at the opening on Friday following the announcement of an additional 10 percent tariff by the United States on China.

US President Donald Trump on Thursday announced that these latest tariffs on Chinese imports would stack on top of the 10 percent tariff that he levied on February 4 over fentanyl and America's opioid crisis, resulting in a cumulative 20 percent tariff.

The benchmark Hang Seng Index opened 102 points or 0.4 percent lower at 23,616 points. The blue-chip index has extended its loss to over 2 percent.

The tech gauge stood at 5,862 points at the opening, down 0.3 percent.

Alibaba (9988) opened 1.5 percent lower at HK$133.60.

Xiaomi (1810) opened 5 percent higher after reportedly selling 10,000 units of its luxury electric sedan Xiaomi SU7 Ultra within two hours of its launch.

Tencent (0700) opened 0.5 percent lower.

STAFF REPORTER and REUTERS