Sino-US trade war escalation involves China's stock market closing down

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      China's stock market closed lower Tuesday as the trade war between China and the United States escalated, but the suspected national team's bid and the comments of President Trump raised hopes that the two countries would reach an agreement, helping the market recover slightly from its earlier lows.
The Shanghai Composite Index. SSEC closed down 0.69% at 2,883.61. Trading volume of Shanghai A shares today is 201.1 billion yuan, compared with 202.5 billion yuan the previous day. The Shanghai-Shenzhen 300 index. CSI300 closed down 0.64%. Both indices rebounded from earlier declines.
Some analysts say the rally appears to have been aided by a "national team" bid.
Zhang Qi, an analyst at Haitong Securities in Shanghai, said that the "National Team" bought key stocks, pointing out that early trading was relatively large.
About 20.8 billion shares were traded on the Shanghai Stock Exchange, with 21.2 billion shares traded on the previous day.
"There may be buying by state-owned institutions in early trading, but panic selling was more evident at that time," said another Shanghai analyst who declined to be named.
U.S. President Trump said Monday that he would meet with Chinese President Xi Jinping at the G20 summit in Japan next month. This revives hopes for a trade agreement between China and the United States.
The Office of the Tariff and Tax Commission of the State Council of China said Monday that since 0:00 on June 1, 2019, tariff rates have been raised on some of the 60 billion dollar list of U.S. goods that have been imposed tariffs. The United States retaliated last week for imposing tariffs on $200 billion of Chinese imports to the United States.
"The new tariff policy is three weeks away from implementation and the negotiations have not broken down," said Liang Weiyuan, head of Hong Kong Dahua Jixian Holding Company, referring to the A-share rebound. "People are also speculating whether China will take more policy support measures."


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