Chinese Shares Fall on New Tariff Plans; Shenzhen InfoGem Technologies Down 5%
Chinese shares declined on Thursday as the U.S. proposes additional tariffs on 60 countries, including China.The Shanghai Composite Index, the main gauge of Chinese stocks, fell 0.6% to 4,057.78. The Shenzhen Component Index went down 0.3% to 15,661.57.The administration of U.S. President Donald Trump proposed new tariffs on imports from 60 countries, citing their failure to curb trade in goods made with forced labor.The U.S. Trade Representative proposed 10% additional duties on imports from 15 economies, including the European Union and the U.K. Meanwhile, 45 countries including China would face additional duties of 12.5%.In response, China denied the presence of forced labor in the country, slamming the U.S. for using probes on the issue as a pretext for additional tariffs."There is no such thing as 'forced labor' in China, and we oppose using this as a pretext for political manipulation," said Beijing's Foreign Ministry Spokesperson Mao Ning.In company news, Shenzhen InfoGem Technologies (SHE:300085) denied online rumors that the company is under investigation. Shares of the financial technology company closed 5% lower Thursday.
