Hong Kong stocks sank more than two percent in opening trades on Thursday after US President Donald Trump announced sweeping tariffs against trade partners, including 34 percent on imports from China.

The Hang Seng Index dropped 2.43 percent, or 564 points, to 22,638, while the Shanghai Composite Index shed 0.91 percent, or 30 points, to 3,319.

Financial markets have been jolted by President Trump's "Liberation Day" tariff announcements, with US stock futures down by as much as three percent early on Thursday and Tokyo’s market leading losses in Asia.

Oil prices sank more than US$2 a barrel and the price of bitcoin dropped 4.4 percent.

But the price of gold hit a new record, crossing its previous record at around Wednesday 2300 GMT and then continuing to climb above US$3,150 an ounce, as traders piled into the safe haven asset. (Agencies)