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Wall Street monitors the latest US-China trade tariffs




U.S. stock index futures were sharply lower on Tuesday morning, as the world's two largest economies began introducing new tariffs on each other's goods.

Around 03:20 am ET, Dow futures fell 234 points, indicating a negative open of more than 235 points. Futures at S&P and Nasdaq were both lower. Movements in pre-market trading come after investors observed a market holiday on Monday.

The United States imposed 15% tariffs on a number of Chinese goods on Sunday, while China imposed new taxes on US products from September 1. It marked the last escalation in their protracted trade war.

The United States and China have introduced billions of billions of dollars in each other's commodities since the beginning of 201[ads1]8, turned off the financial markets and created business and consumer sentiment.

President Donald Trump has said officials from both sides still had plans to meet later this month, despite growing tensions.

On Monday, Beijing filed a complaint against Washington with the World Trade Organization over US import duties. China claimed the latest customs round violated a consensus reached by leaders in both countries in Osaka, Japan.

Brexit uncertainty

Apart from trade, market participants continued to monitor the fallout of Britain's constitutional crisis over Brexit.

U.K. lawmakers are returning from a summer entry Tuesday, with a cross-cutting group of MPs (MPs) expected to apply for a emergency debate and seize control of the House of Commons agenda.

The move is an attempt to stop a so-called "no-deal" Brexit on October 31, which is seen by many in and outside Parliament as a "cutting edge" scenario to be avoided at all costs. [19659002] Prime Minister Boris Johnson could call a major election for the opposition if opposition lawmakers vote against a Brexit without a deal this week.

Sterling fell below $ 1.20 on Tuesday morning, reaching levels not seen since October 2016.

Data, Revenue

On the data front, figures for August PMI (Purchase Management Index) production will be released around the clock 09.45 ET. The Department of Supply Management (ISM) production index for August and construction data for July will be released a little later during the session.

In corporate news, Coupa Software and Cango both report their last quarterly earnings after the market has closed.



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