HONG KONG (Nikkei Markets) -- Hong Kong shares extended losses in the morning session on Tuesday after the U.S. announced plans to slap tariffs on a further $200 billion of imports from China and signaled its readiness to levy duties on all products shipped in from the mainland.

President Donald Trump late on Monday said the U.S. will with effect from Sept. 24 impose a 10% levy on the Chinese goods in the latest round of tariffs, lower than the 25% rate the government was considering. The rate will increase to 25% from next year. Furthermore, the U.S. will "immediately" pursue tariffs on additional imports of about $267 billion if China takes any retaliatory action, news reports cited Trump as saying.

Chinese Vice Premier Liu He is convening a meeting in Beijing on Tuesday morning to discuss the country's response, Bloomberg News reported, citing a person briefed on the matter.

Hong Kong's benchmark Hang Seng Index fell 0.7% to 26,732.67 by noon, after sliding 1.3% on Monday. Geely Automobile Holdings slumped 6.3%, leading percentage losses on the gauge. Technology heavyweight Tencent Holdings shed 2.1%, while smartphone component makers AAC Technologies Holdings and Sunny Optical Technology Group dropped 1.9% and 3.2%, respectively. The declines follow a 1.4% retreat overnight for the Nasdaq Composite. IPhone maker Apple sank 2.7% in New York ahead of the tariffs announcement.

The Shanghai Composite was down 0.1% in the morning session after closing at a near four-year low on Monday, while the yuan traded onshore dropped 0.2% against the U.S. dollar to 6.8674. The Nikkei Asia300 Index slipped 0.4%.

Some participants said losses were curbed as the market was taking kindly to the imposition of tariffs at a lower-than-indicated rate.

"The market is not panicking. It is obvious that Trump met opposition within America and his administration," said Andy Wong, chief investment strategist at wealth management company Harris Fraser (International). "Tech stocks are dragged down by the decline in U.S. tech stocks overnight, as tariffs will add to the cost burden of certain companies."

Wong said he expects the Hang Seng Index to resume a "gradual climb."

Resources company MMG slumped 9.5% after saying it expects copper concentrate production this year to be in the range of 375,000 tons to 395,000 tons, down from a previous guidance of 410,000 tons to 430,000 tons.

Luye Pharma Group added 0.8% after saying China's drug regulator accepted the company's import registration for a drug delivery system, rivastigmine transdermal patch, which is used to treat mild to moderate cases of Alzheimer's disease.

Property broker and developer Winfull Group Holdings jumped 3.5% after saying it expects to report a "significant" increase in net profit for the year ended June 30.

Beijing Capital Land declined 1.4% after saying it has submitted an application to withdraw a proposed A-share offering.

Summi (Group) Holdings slid 1.5%. The orange-juice producer said it expects profit for the year ended June 30 to have fallen about 80% on-year.

Computer-components maker PINE Technology Holdings lost 2.5% after saying it expects to report a net loss of about $9 million for the year ended June 30, compared with a loss of about $5 million a year ago.

-- Amy Lam