China ADRs tick higher, but pare gains after Trump disputes report on tariffs

Tencent Music Entertainment

06/01/2025 14:52

** U.S.-listed shares of Chinese companies rise after report
that President-elect Donald Trump's aides are considering less
aggressive tariffs than previous threatened 
    ** However, stocks pare some premarket gains after Trump
says Washington Post story is incorrect in post on Truth Social 
    ** Aides are exploring tariff plans that would be applied to
every country but only cover certain sectors deemed critical to
national or economic security, Washington Post reports 
    ** Trump had threatened to impose a 60% tariff on Chinese
goods, in addition to tariffs of 10% on other global imports
into the U.S. 
    ** E-commerce firms Alibaba Group Holding  BABA.N  and
JD.com Inc  JD.O  rise 1% and 0.8%, and PDD Holdings  PDD.O  up
5.1%
    ** EV firms Nio Inc  NIO.N  and Xpeng Inc  XPEV.N  gain 4.4%
and 2.3%, solar firm Jinkosolar  JKS.N  4.3%
    ** China ETFs IShares MSCI China ETF  MCHI.O  and
KraneShares CSI China Internet ETF  KWEB.K  edge up 0.4% and
0.5%, respectively 
    ** Chinese markets have been hit hard since Trump's election
as worries increase about how possible U.S. tariffs could impact
already sluggish economic growth 
    ** China was the primary focus of a trade war that roiled
markets during Trump's first term as U.S. president 

 (Reporting by Lisa Mattackal in Bengaluru)