published Apr 5, 2018, 6:19:01 PM, by Matthew Burgess
(Bloomberg) —

U.S. equity futures tumbled in Asian trading after President Donald Trump ordered the U.S. Trade Representative to consider an additional $100 billion in tariffs on Chinese products.

S&P 500 Index futures fell 1.2 percent as of 8:06 a.m. in Tokyo. Futures contracts on the Dow Jones tumbled 1.4 percent and Nasdaq declined over 1 percent.

“In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs,” Trump said in a statement.

Global equity markets have been roiled in recent weeks as investors fear an escalation in the tit-for-tat trade war between the world’s two largest economies will crimp growth. Beijing on Wednesday proposed 25 percent duties on a swath of U.S. agricultural products and other products ranging from aircraft to chemicals in retaliation to Washington’s tariffs on China’s high-tech goods.

To contact the reporter on this story: Matthew Burgess in Sydney at mburgess46@bloomberg.net To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net Rebecca Jones
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