Business

Chinese onshore stocks fall as tariff talks make no headway

Trade tensions rise after US says Chinese ships would be required to pay fees when docking at US ports.

The CSI 300 Index fell 0.3 per cent to 3,761.02 at 10am local time, trimming the weekly gain to 0.

3 per cent. The Shanghai Composite Index also dropped 0.3 per cent.

Hong Kong’s market closed for a public holiday on Friday. The nation’s biggest companies mostly declined. China Mobile, the largest mobile phone operator, dropped 0.

5 per cent to 113.73 yuan. PetroChina lost 0.

3 per cent to 7.97 yuan and electric-vehicle maker BYD slid 0.9 per cent to 346.

75 yuan. US President Donald Trump said on Thursday that China and the US were engaged in trade talks, but he offered no evidence of any progress. In another sign of escalating tensions between the two nations, the US Trade Representative’s Office said that Chinese-owned or Chinese-built ships would be required to pay fees when docking at US ports, with charges increasing over time based on the vessel’s size and cargo.

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