Hong Kong Indexes Soared 2%, U.S. Tariffs Chaos Entered the Next Phase

Li Chen
23 Feb, 2026
Hong Kong

Stocks in Hong Kong soared as investors increased exposure to China-focused companies amid deepening trade uncertainty in the U.S. 

The Hang Seng Index increased 2.3%, and the mainland-based markets remained shut for the Lunar New Year celebration. 

The U.S. Supreme Court late Friday delivered a widely anticipated decision on the legality of the U.S. president's global tariffs. 

The high court invalidated most of Trump's tariffs, rebuked the president for overreaching his authority, and urged the Congress to decide on the scope and level of tariffs.

The court's ruling delivered a stinging blow to the key pillar of Trump's trade policy and left unresolved how the $135 billion of tariffs collected will be reimbursed.

The U.S. president announced a new 15% global tariff over the weekend, but that tariff is limited in scope and automatically expires after 150 days, unless extended by the U.S. Congress. 

The persistently chaotic management of U.S. trade policy by the Trump administration has kept foreign investors on edge for a year, driving them away to other markets in Asia and Europe. 

On Monday, international investors avoided increasing exposure to the increasingly volatile stocks and directed fresh capital to markets in Asia and Europe.

 

China Indexes and Stocks 

The Hang Seng Index increased 2.2% to 27,017.88, and the mainland China markets, which have been closed since February 13, are scheduled to reopen on Tuesday. 

Alibaba Group rose 3.6% to HK $152.40, Tencent Holdings increased 0.8% to HK $539.50, and Techtronic Industries advanced 3.5% to HK $123.80. 

Zijin Gold International soared 6.2% to HK $229.0, and Zijin Mining Group advanced 5.3% to HK $44.88.