Hong Kong stocks slipped slightly on Thursday morning session, hovering around 24,906 and snapping a three-session winning streak, mainly dragged down by tech and consumer shares. Sentiment weakened after U.S. President Trump announced a 100% tariff on imported semiconductors, fueling concerns about a persistent trade war. Investors also grew cautious ahead of China’s July trade data due later today, as Trump's unpredictable tariff policies have intensified pressure on the Chinese economy. Losses were offset by a modest rise in U.S. futures, amid reports that trading partners rushed to finalize deals ahead of the tariff deadline. Meanwhile, speculation grew over a potential Fed rate cut and expectations that companies could weather ongoing trade headwinds. Cathay Pacific fell almost 2% after warning of falling airfares, struggles at its budget airline, and an uncertain cargo outlook. Pharma stocks also declined, with Akeso down 5.3%, Innovent Biologics 5.0%, and Hansoh Pharma 3.2%.