U.S. stock futures, Asian shares drop as Trump slaps new tariffs on…

U.S. stock futures, Asian shares drop as Trump slaps new tariffs on…

U.S. stock futures and Asian shares fell on Tuesday after U.S. President Donald Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, in a sharp escalation of the trade conflict between the world’s two biggest economies.

The tariffs will be set at 10 percent.

Trump spared smart watches from Apple (AAPL.O) and some other consumer products such as bicycle helmets, but he warned that if China takes retaliatory action he will pursue tariffs on approximately $267 billion of goods.

“Considering his latest comments as well as recent falls in his support, it is hard to expect Trump to soften his stance on trade in the near future,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

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