Asian stocks and the Chinese yuan took a beating Friday after US President Donald Trump announced another round of tariffs on China.
Suppliers of the Chinese tech company Huawei were hit particularly hard after Trump reignited his country’s trade war with China by saying he would add a 10% tariff on $300 billion worth of Chinese-made products in September — effectively taxing all goods from China that come into the United States.
Smartphone component manufacturer Sunny Optical Technology plummeted 6%, while AAC Technologies also tumbled 5%. Q Technology lost 8%, and BYD Electronic sank 7.9%.
All of those stocks are listed on Hong Kong’s Hang Seng (HSI) Index, which fell 2.4% by noon on Friday.
The Shanghai Composite Index, meanwhile, declined 1.7%.
The Chinese yuan tumbled against the dollar, both in Shanghai and in the offshore market where it moves more freely.
In trading outside of China, one US dollar now buys about 6.9606 yuan. Earlier Friday, the yuan fell to as low as 6.9786 — the weakest this year.
In mainland China, where the yuan fluctuates around a reference rate set daily by the People’s Bank of China, the currency stands at 6.9355 to the dollar.