China stocks near one week top, tariff worries to persist

Chinese stocks stayed supported in cautious trades. China's Shanghai Composite index rose 0.45 percent to 3,238.23. Hong Kong's Hang Seng index added 1.13 percent to 20,914.69. Volatility is set to persist in near term as the trade worries continue to linger around. China has escalated the trade war by raising tariffs on US goods to 125% from 84%. According to media reports, the Customs Tariff Commission declared that US products are no longer marketable in the mainland and said it will ignore any future tariff hikes from Washington. This comes after the White House confirmed that total US tariffs under Trumps second term now stand at 145%. In response, Beijing unveiled new countermeasures, including higher duties on American goods and tighter restrictions on US film imports, deepening tensions in the already heated trade standoff. Chinese benchmark stock index is around one week high as a bounce from five-month lows extended but is still lower by around 4% over last one-month period.

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