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

Reuters
01-06
BUZZ-China ADRs tick higher, but pare gains after Trump disputes report on tariffs

** 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)

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