It took them long enough as they would typically have responded at the tail end of Asia trading. At some point, it seemed like they would take a different approach this time around instead of escalating things further but I guess not. The finance ministry has now announced additional tariffs of 84% on US goods (up from the 34% previously), which will go into effect tomorrow.

Risk sentiment now taking a big hit again on the day with S&P 500 futures down nearly 2%.

The ball is now back over to Trump’s court. This is turning into a true gunfight at this point. Who’s going to blink first?