Chinese tech stocks drop after China cancels US trade negotiations

President
Trump takes part in a welcoming ceremony with China’s President
Xi Jinping in Beijing.
REUTERS/Thomas
Peter

• China, on Monday, accused the US of being a trade bully
  and attacked the “protectionist” practices of the Trump
  administration, hours after a new round of tariffs against went
  into effect.
• China canceled trade talks with the US that were
  planned for the coming days.
• Chinese tech stocks dropped on the news.
• Watch Alibaba, iQiyi, JD.com, Baidu.com, Pinduoduo, Nio trade in real time
  here.

Chinese tech stocks are
sliding after China accused the US of being a trade bully,
and said it won’t heading to the negotiating
table if the Trump administration continues its threat of higher
tariffs.

China published a white paper on Monday that attacked the
“protectionist” and “trade bullyism” practices of the US
administration, 
according
to state-run Chinese news service Xinhua.

“It has brazenly preached unilateralism, protectionism and
economic hegemony, making false accusations against many
countries and regions, particularly China, intimidating other
countries through economic measures such as imposing tariffs, and
attempting to impose its own interests on China through extreme
pressure,” the white paper said.

The white paper came hours after US’s new round of tariffs
on $200 billion worth of Chinese imports went into effect on
Monday. China has promised to respond with tariffs on $60
billion worth of US goods.

China canceled trade talks with the US that were
planned for the coming days, 
demonstrating its
stance to avoid negotiating under
threat, 
according to
The Wall Street Journal, citing sources familiar with the
matter. 

As a result, Chinese tech stocks are under
pressure. Here’s the scoreboard:

Here’s a timeline of the US-China trade war so far:

• March 1: President Donald
  Trump announces tariffs on all imports of steel
  and aluminum, including metals from China.
• March
  22: Trump announces
  plans to impose a 25% tariff on $50
  billion worth of Chinese goods. China announces
  tariffs in retaliation to the steel and
  aluminum duties and promises a response to the latest US
  announcement.
• April 3: The US trade
  representative announces a list of Chinese
  goods subject to the tariffs. There is a
  mandatory 60-day comment period for industries to ask for
  exemptions from the tariffs.
• April
  4: China rolls out a
  list of more than 100 US goods worth
  roughly $50 billion that are subject to retaliatory tariffs.
• May 21: After a meeting, the
  two countries announce the outline of a trade
  deal to avoid the tariffs.
• May 29: The White House
  announces that the tariffs on $50 billion worth of Chinese
  goods will move forward, with the
  final list of goods released June 15. The move appears to wreck
  the nascent trade deal.
• June 15: Trump rolls out
  the final list of goods subject to
  new tariffs. Chinese imports worth $34 billion would be
  subject to the new 25% tariff as of July 6, with another $16
  billion worth of imports subject to the tariff at a later
  date. China
  retaliates with an equivalent set of
  tariffs.
• June
  18: Trump threatens a 10%
  tariff on another $200 billion worth of
  Chinese goods.
• July 6: The first tranche
  of tariffs on $34 billion worth of
  Chinese goods takes
  effect; China responds in kind.
• July
  10: The US releases an initial
  list of an additional $200 billion worth
  of Chinese goods that could be subject to a 10% tariff.
• August 1: Washington more
  than doubles
  the value of its tariff threats against
  Beijing, announcing plans to increase the size of proposed
  duties on $200 billion worth of Chinese goods to 25% from 10%.
• August
  3: China says
  it will impose tariffs of various rates
  on another $60 billion worth of US goods if Trump moves forward
  with his latest threat.
• August 7: The US announces
  that the second tranche of tariffs, which will hit $16 billion
  worth of Chinese goods, will go into effect on August 23.
• August
  23: The US
  imposes tariffs on another $16 billion
  worth of Chinese goods, and Beijing responds with tariffs on
  $16 billion worth of US goods.
• September 7: Trump says the
  tranche of tariffs on $200 billion worth of Chinese goods is
  coming “soon” and threatens
  to impose tariffs on another $267 billion
  worth of Chinese goods.
• September 17: Trump
  announces 10% tariffs on $200 billion worth of Chinese goods,
  saying China has “been unwilling to change its practices.”
• September 18: China says it
  has “no choice” but to retaliate to the fresh tariffs “to
  safeguard its legitimate rights and interests.” It announces
  tariffs on $60 billion worth of US goods sent to China.
• September 24: Trump’s new round of
  tariffs against China on $200 billion worth of imports
  went into effect.