Chinese stocks end three-day winning run as US tariffs hit 145%

The renewed selling came after the White House clarified Thursday that after including a 20% levy imposed earlier this year, the total levies on China stand at 145%

Chinese shares snapped a three-day winning streak after the US said its tariffs on China amounted to a staggering 145%.

A key gauge of Hong Kong-listed Chinese stocks dropped as much as 0.9% in early Friday trade, while the onshore CSI 300 Index shed 0.6%. Still, both outperformed a broader Asian market gauge that fell as much as 2.1%.

The renewed selling came after the White House clarified Thursday that after including a 20% levy imposed earlier this year, the total levies on China stand at 145%, a level far above what many economists said could decimate US-China trade. Now all eyes are on the outcome of a Thursday meeting planned by China’s top leaders to discuss additional economic stimulus to counter the impact of an escalating trade war.