U.S. stock index futures moved sharply lower on Wednesday after China announced additional tariff measures on U.S. goods, retaliating to President Donald Trump’s reciprocal tariffs which came into effect.

China will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced, the finance ministry said.

At 07:08 a.m. ET, Dow E-minis were down 709 points, or 1.87%, S&P 500 E-minis were down 86.5 points, or 1.72% and Nasdaq 100 E-minis were down 250.75 points, or 1.45%.

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