Hong Kong stocks plunge more than 3% by break

HONG KONG: Shares in Hong Kong tumbled more than three percent in the morning session Monday after US President Donald Trump threatened to impose huge new tariffs on China, fanning fresh fears of a trade war between the superpowers.

The Hang Seng Index sank 3.49 percent, or 916.89 points, to 25,373.43 by the break.

Trump warned Friday he would impose an additional 100 percent tariff on Beijing and threatened to cancel a summit with President Xi Jinping, citing China’s export curbs on rare earth minerals.