China's yuan drops, stocks tumble after Trump's tariff blow

HONG KONG/SHANGHAI, Aug 2 (Reuters) - Chinese markets slumped on Friday, with investors rushing for cover after U.S. President Donald Trump slapped fresh tariffs on China citing a lack of progress in their bilateral trade talks. Trump said on Thursday he would tax the remaining $300 billion of Chinese imports with 10% tariffs from Sept. 1, breaking the tariff ceasefire since his meeting with Chinese President Xi Jinping at the G20 summit in June. In Hong Kong, the Hang Seng Index shed 2.4% and H-shares 2.7%.

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