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Futures Tumble As China Unveils Retaliatory Tariffs

Courtesy of ZeroHedge. View original post here.

After vowing over the weekend to "never surrender to external pressure", Beijing has defied President Trump's demands that it not resort to retaliatory tariffs and announced plans to slap new levies on $60 billion in US goods.

  • CHINA SAYS TO RAISE TARIFFS ON SOME U.S. GOODS FROM JUNE 1
  • CHINA SAYS TO RAISE TARIFFS ON $60B OF U.S. GOODS
  • CHINA SAYS TO RAISE TARIFFS ON 2493 U.S. GOODS TO 25%
  • CHINA MAY STOP PURCHASING US AGRICULTURAL PRODUCTS:GLOBAL TIMES
  • CHINA MAY REDUCE BOEING ORDERS: GLOBAL TIMES

Stocks are sliding on the news, with Dow futures off nearly 500 points on the day:

Stocks

Stocks have now erased the entirety of the "constructive talks" ramp from Friday afternoon.

Three

In bad news for American farmers, China might stop purchasing agricultural products from the US, reduce its orders for Boeing planes and restrict service trade. There has also been talk that the PBOC could start dumping Treasurys.


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