The earlier report by the China Daily has been revised

The media outlet has now come out to change its earlier report here and say that "China will take action against US tariffs" - implying that retaliatory tariffs are yet to have been slapped on US goods as suggested earlier.

Either way, regional equities are still holding on to gains for now although they have been largely erased. The Hang Seng is now only up 0.2% while the Shanghai Composite is only up 0.4%, with the latter having posted gains of more than 1% earlier.