- Mainland Chinese markets plunged on the day.
- The safe-haven Japanese yen strengthened, while the Chinese yuan dropped. The Australian dollar also declined.
- Futures pointed to steep opening declines stateside.
- U.S. President Donald Trump on Sunday threatened more tariffs on Chinese goods.
- Meanwhile, China is considering cancelling its trade talks with the U.S. this week in light of Trump’s latest threats, sources told CNBC.
Stocks in China plummeted on Monday following a re-escalation in U.S.-China trade tensions as President Donald Trump declared an impending increase in tariffs rates on $200 billion of Chinese goods.
The Shanghai composite fell 5.58% to close at 2,906.46, while the Shenzhen component dropped 7.56% to finish at 8,943.52. The Shenzhen composite also fell 7.381% to close at about 1,515.80.
The CSI 300, which tracks the largest listed stocks on the mainland, declined 5.84% to 3,684.62.
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