US Equity Futures Tumble As US Readies Additional $200 Billion China Tariff List
Bloomberg reports that President Donald Trump is preparing to release a list of an additional $200 billion in Chinese products to be hit with tariffs, according to two people familiar with the matter.
“The list could be released as soon as Tuesday, and likely this week”, according to Bloomberg sources. The publication of the list starts a weeks-long process that includes a public-comment period and hearings.
The potential unveiling comes as Trump is stil considering imposing duties on another $16 billion in Chinese goods, following a public hearing later this month. China, of course, as vowed to retaliate tit-for-tat and dollar-for-dollar to all future US tariffs.
The immediate result: Dow futures plunge 200 points in the blink of an eye.
Futures are closed until 6pmET, but SPY (S&P ETF) is extending its losses after-hours.
And China ETF is down around 0.5%.
And so did the 10Y Yield.
And USDJPY dropped below 111.00
The new list would mark the latest escalation of the trade war between the world’s two biggest economies.
It appears that the market’s brilliant extrapolation of “no more trade wars” as a result of a 3 days silence (of which 2 was during the weekend) may have been wrong.
This article appeared at ZeroHedge.com at: https://www.zerohedge.com/news/2018-07-10/us-equity-futures-tumble-us-readies-200-billion-china-tariff-list