Hong Kong stocks declined 65 points as of midday, after US President Donald Trump said he intends to impose tariffs of around 25 percent on automobile, pharmaceutical and semiconductor imports.

The benchmark Hang Seng Index dropped 0.28 percent to 22,911 points at noon – recovering from a low of 22,649 earlier – with a half-day main board turnover of HK$151.86 billion, a 13 percent decrease compared to yesterday’s midday close.

The Hang Seng China Enterprises Index fell 18 points, or 0.22 percent, to 8,456 while the Hang Seng Tech Index closed at 5,659 points, up 0.37 percent.

China Mengniu Dairy (2319) rose 10.61 percent to close at HK$17.30, making it the top gainer among blue-chip stocks.