March S&P 500 E-Mini futures (ESH25) are down -0.21%, and March Nasdaq 100 E-Mini futures (NQH25) are down -0.11% this morning as investors adopted a cautious stance after China retaliated to new U.S. tariffs.
China’s Customs Tariff Commission of the State Council announced on Tuesday that it will impose a 15% tariff on U.S. coal and liquefied natural gas, and 10% tariffs on crude oil, agricultural machinery, large-displacement vehicles, and pickup trucks. The measures are set to take effect on February 10th. China’s commerce ministry also announced that starting Tuesday, the country will implement export controls on tungsten, tellurium, bismuth, molybdenum, and indium products. In addition, China said it would launch an antitrust probe into Google. This marked the resumption of a trade war between the world’s two largest economies, though China’s response was seen as restrained.
