Yahoo Finance Asian Stocks Gain as U.S. Delays Imposing Tariffs on Some Chinese Goods
Investing.com - Asian stocks rose in morning trade on Wednesday following U.S.’s decision to delay imposing tariffs on some Chinese goods.
The United States Trade Representative announced overnight that certain products including clothing and cellphones have been removed from the tariff list based on “health, safety, national security and other factors” and will not face additional tariffs of 10%.
Other tariffs will be delayed to Dec. 15 from Sep. 1 for certain goods, it said.
The news overshadowed weak economic figures, including July’s retail sales and industrial production figures that grew less than expected.
Fixed-asset investment were also slightly weaker than expected.
China’s Shanghai Composite and the Shenzhen Component gained 0.7% and 1.3% respectively by 10:49 PM ET (02:49 GMT).
Hong Kong’s Hang Seng Index traded 0.7% higher. Tension in the city remained high after it’s airport saw disruptions again amid ongoing protests.
Cathay Pacific Airways Limited (HK:0293) rebounded as much as 7% earlier in the day after the company’s top shareholder Swire Pacific reaffirmed its support of the Hong Kong government and its efforts to restore law and order.
"We condemn all illegal activities and violent behavior, which seriously undermine the fundamental principle of 'One Country, Two Systems' as enshrined in the Basic Law," Swire Pacific said in a statement on Tuesday.
In a tweet overnight, U.S. President Donald Trump said reports from U.S. intelligence agencies showed the Chinese government is moving troops to its border with Hong Kong.
“Everyone should be calm and safe!” he said.
He told reporters earlier this week that the situation in Hong Kong is “very tricky.”
“I think it’ll work out and I hope it works out for liberty. I hope it works out for everybody, including China.”
Japan’s Nikkei 225 climbed 0.7%, while South Korea’s KOSPI rose 0.9%.
Down under, Australia’s ASX 200 was little changed at 6,570.20.
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