BREAKING: China just announced retaliation to Trump’s tariffs. Dow futures already dropping through -500 points.

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U.S. stock futures pointed to sharp losses on Monday after China decided to on some U.S. goods as the ongoing trade war between the world’s largest economies intensifies.

As of 8:15 a.m. ET, Dow Jones Industrial Average futures dropped 453 points, indicating a loss of 437 points at the open. S&P 500 futures pointed to a loss of 1.7% while Nasdaq 100 futures indicated a drop of 2.3%.

China will hike tariffs on $60 billion worth of U.S. imports, starting on June 1. This comes after President Donald Trump raised tariffs on Chinese imports last week. China said in a statement that the U.S.’ decision jeopardized the interests of both countries and does not meet the “general expectations of the international community,” according to a Google translation.
Trade bellwethers Caterpillar and Boeing fell more than 3% each while Apple dropped more than 3.6%.

China Retaliates on Trade: Boosts Tariffs on $60 Billion U.S. Goods to 25%

China said the tariff increase on around 5,000 product groups will take effect on June 1 after declaring earlier today that it would “will never surrender to external pressure” following President Donald Trump’s decision to boost levies on $200 billion worth of China-made goods to 25% as of last Friday. However, it also said some companies could get waivers from the increase, which could fall anywhere between 5% and 25%, the Commerce Ministry said in a statement.–14957237




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