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Asian markets plummet after Trump stifles US-China trade hopes

Hong Kong Hang Seng ( HSI ) fell 1.8% in the morning trade, while the Chinese Shanghai Composite ( SHCOMP ) decreased by 0.9%. South Korea Kospi ( KOSPI ) decreased by 0.8%. The Japanese Nikkei ( N225 ) decreased by 0.1%.
Monday was the first opportunity for Asian markets to respond to comments by US President Donald Trump, who said Friday in the United States that he did not yet agree to abolish tariffs. This undermines a statement by the Chinese Ministry of Commerce, indicating openness to such a rebate as part of the first phase of a trade deal between the two countries.

"They would like to have a kickback," Trump said. "I disagreed. China would like to get some rejection, not a full kickback, because they know I won't do it."

A day earlier, a spokesman for the Chinese Ministry of Commerce told reporters. that US and Chinese negotiators have discussed retreat rates, saying waivers could happen even before a first phase trade deal is signed.

Despite Trump's remarks, Wall Street ended last week at record highs.

In Hong Kong, the political crisis in the city escalated again early in the work week when a traffic officer shot a protestor in the chest early Monday morning, according to a police source.

Five months of massive demonstrations disrupted Hong Kong's economy and plunged the financial hub toward its first recession in a decade.

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