January 22, 2025 at 02:47 am EST
(MT Newswires) -- Chinese stocks fell Wednesday following reports US President Donald Trump will still hit the country with 10% tariffs on all imports as soon as February.
The Shanghai Composite Index, the main gauge of Chinese stocks, slipped 0.89% or by 29 points to 3,213.62. The Shenzhen Component Index fell 0.77% or by 79.82 points to 10,225.87.
Trump's tariff threat comes on allegations China is sending fentanyl to Mexico and Canada, Bloomberg News reported, citing remarks by the president during an event at the White House.
The comments by Trump could mean China is still not off the hook even as Trump did not mention tariffs against the world's second-largest economy during his inaugural address, Bloomberg said.
Meanwhile, Chinese Vice Premier Ding Xuexiang said the country will increase imports, but clarified China is not seeking a trade surplus, Bloomberg reported separately.
"We want to import more competitive, quality products and services to promote balanced trade," Bloomberg quoted Ding as saying during the World Economic Forum in Davos, Switzerland.
Elsewhere, China's non-financial outbound direct investment rose nearly 11% year over year to $143.9 billion in 2024.
In corporate news, debutant Shantou Institute of Ultrasonic Instruments (SHE:301602) closed 379% higher at 32.10 yuan apiece, higher than the 6.70 yuan offer price.
Hubei Sinophorus Electronic Materials (SHA:688545) finished 135% higher at 27.39 yuan per share, higher than its 11.68 yuan offer price.
Sumber : MT Newswires
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