The Shanghai Stock Exchange benchmark index fell by 212.23 points (-6.34%) at the start of the lunch break, while the Shenzhen Stock Exchange dropped by 830.63 points (-8.01%).
The stock exchanges in mainland China and Hong Kong were closed last Friday due to a local holiday.
The People’s Daily, the official newspaper of the Chinese Communist Party, emphasized in an editorial today that the United States’ imposition of an additional 34% tariff on Chinese imports, on top of previous tariffs, will lead to a “reduction in bilateral trade” with the U.S. and “a short-term negative impact on exports.”
Beijing launched several countermeasures last Friday in response to the tariffs announced by U.S. President Donald Trump.
Beijing’s measures include 34% tariffs on U.S. products, sanctions against American companies, restrictions on the export of certain rare earths, and the initiation of anti-monopoly and anti-dumping investigations against American companies and products.
China has also filed a complaint with the World Trade Organization against the U.S. through the dispute resolution mechanism.
