Chinese Stock Plummets 5-7% Amid Trump's Tariff Threats, Drop Largest Since February 2016

China's financial markets have closed on Monday with stock sinking about 5-7 percent, marking the largest drop since February 2016, following US President Donald Trump's threats to impose more dramatic tariffs on Chinese goods

MOSCOW (UrduPoint News / Sputnik - 06th May, 2019) China's financial markets have closed on Monday with stock sinking about 5-7 percent, marking the largest drop since February 2016, following US President Donald Trump's threats to impose more dramatic tariffs on Chinese goods.

Trump announced on Sunday that Washington would raise tariffs on a number of Chinese goods from 10 to 25 percent starting Friday, citing slow progress in trade talks. Media reported, citing sources, that China was mulling over the possibility of scraping the next round of talks after Trump's statement.

The Shanghai Composite Index has dropped down by 5.6 percent to 2906.46, while Shenzhen Composite has lost 7.4 percent and stands at 1515.8 after closure.