China Stocks Jump in Afternoon Trading in Rebuff to Trump Levies
- Turnaround spurs speculation state-backed funds bought shares
- China says it will impose retaliatory measures on the U.S.
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Chinese stocks surged in late trading amid expectations the government will take steps to offset the negative effect of U.S. tariffs.
The Shanghai Composite Index closed 1.8 percent higher, reversing earlier losses. Industrial companies led gains after the Economic Information Daily reported officials may announce measures to help build transport networks, while stocks also received a lift from speculation state-backed funds, known as the national team, were buying shares.