U.S. stock futures fell to start the week after the U.S. made good on plans to impose tariffs on $50 billion dollars in Chinese goods.
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As expected, China retaliated with a matching amount of tariffs on U.S. goods.
Dow Jones futures were down by 0.47%. The S&P 500 fell 0.43% and the Nasdaq Composite was off 0.57%.
Japan’s Nikkei sank 0.9% as worries over growing protectionism overshadowed stronger-than-expected export data.
Financial markets in China and Hong Kong are closed for a holiday.
Stocks recorded modest losses Friday as the U.S. and China exchanged blows in an ongoing dispute over trade.
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The Dow Jones Industrial Average fell 84.83 points, or 0.34%, to 25,090.48. The S&P 500 ticked 3.07 points lower, or 0.11%, to 2,779.42. The Nasdaq Composite was down 14.66 points, or 0.19%, at 7,746.38.
The White House announcement pledged that if China were to retaliate, the U.S. will strike back with even more tariffs
Beyond the tariffs, there was some economic reports for traders to consider. The Empire State manufacturing survey rose 4.9 points to 25 in June, well above expectations for 19.1 and the best reading since October.
FOX Business’ Leia Klingel and Matthew Rocco contributed to this article.
