Hong Kong stocks have pared earlier losses. The Hang Seng Index fell 0.11%, the Hang Seng Tech Index up 0.5%.

China imposed tariffs as high as 15% on US exports in retaliation for the Trump administration’s new levy, escalating a trade war between the world’s two largest economies.

Bilibili, Baidu up 2%; Tencent up 1.5%; JD.com, Xiaomi up slightly; Meituan, Alibaba, Kuaishou fell around 1%.

Beijing said it would charge new duties on American goods including chicken and cotton after the US doubled a tariff on all Chinese exports on Tuesday. Soybeans, beef and fruits are among products facing a 10% tariff, according to an announcement by the Ministry of Finance.

The Chinese Ministry of Commerce said it would put 10 American companies on an unreliable list, mainly involved in defense and construction work. The department protested the move in an earlier statement, vowing to take countermeasures and calling on Washington to return to dialogue.

The Chinese government hit back hours after President Donald Trump signed an executive order for the hike to 20%, saying China had done too little to stop the flow of illicit fentanyl into the US.