The U.S.-China trade war took a dangerous turn Friday as Beijing announced sweeping 34% tariffs on all American imports, effective April 10. According to CNN, this brings total U.S. tariffs on Chinese goods above 54% this year after Washington's latest round of duties.
Financial markets reeled from the news. Dow futures plummeted 1,000 points overnight, with the S&P 500 and Nasdaq poised for similar losses.
