U.S. stock index futures were lower Friday as investors digest news of an additional 10% tariff on Chinese imports from the U.S. ahead of a key jobs report.
Dow Jones Industrial Average futures fell 58 points, indicating a loss of 60 points at the open. S&P 500 and Nasdaq 100 futures also pointed to a lower open.
In a series of tweets on Thursday, President Donald Trump said the 10% charge would be imposed on $300 billion worth of Chinese goods. The levy will take effect starting September 1.
The move breaks a truce in the long-running trade war between the world's two largest economies, with investors fearful it could further disrupt global supply chains.
China's foreign ministry pushed back against Trump's latest tariff threat on Friday morning, reportedly saying the world's largest economy should give up its illusions, shoulder some responsibility and come back to the right track on resolving the trade war.
China's spokesperson at the foreign ministry, Hua Chunying, said at a daily press briefing that Beijing would have to take countermeasures if the U.S. was committed to putting more tariffs on Chinese goods, Reuters reported.
Trump's tariff threat came as a surprise to financial markets in the previous session, in large part because negotiators for the two sides had just met earlier this week in China.
Trump is also scheduled to make a trade announcement on the European Union later on Friday.
On the data front, investors will be closely monitoring the latest reading of nonfarm payrolls at 8:30 a.m. ET. Average hourly wages and unemployment rate figures for July will be released at the same time.
The jobs report comes after the Federal Reserve cut rates earlier this week by 25 basis points.
https://www.cnbc.com/2019/08/02/stock-market-dow-futures-slightly-lower-after-trumps-tariff-threat.html
2019-08-02 06:48:27Z
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