Hong Kong’s Hang Seng Index, which tracks companies traded in the Chinese city, fell by around 0.6% on Monday. Markets in mainland China are closed due to the Dragon Boat Festival holiday.
“China firmly rejects these unreasonable accusations,” the country’s commerce ministry said, and again complained of further U.S. “discriminatory restrictive measures” since the Geneva negotiations.
S&P 500 futures are down 0.5%, as of 4:30am Eastern time. The STOXX Europe 600 is down 0.2%.
Trump on Friday didn’t elaborate as to why he felt Beijing wasn’t living up to its promises.
Still, U.S. Treasury Secretary Scott Bessent, in contrast to the more hawkish tone of other members of the administration, held out hope for a call between Trump and Chinese President Xi Jinping “very soon.”
Taiwan’s Taiex index also dropped 1.6% on Monday, with steeper falls by major manufacturers like TSMC and Foxconn.
The tariffs clock is ticking. The 90-day pause on the president’s reciprocal tariffs expires on July 9. If the Trump administration doesn’t extend the pause, Japan would face a 24% tariff on its exports to the U.S.
Here’s a snapshot of today’s action prior to the opening bell in New York (5:45 a.m. ET):
