U.S. equities are sharply lower
U.S. equities are sharply lower, as worries have soared over a prolonged U.S.-China trade cold war after talks between the two parties failed to result in an agreement last Friday. China upped the ante this morning, announcing that it will raise tariffs on some U.S. goods beginning on June 1. China's move follows the latest round of U.S. tariffs on imports from China that were implemented Friday. The NASDAQ mini has plunged 2.0%, the S&P 500 mini has tumbled 1.5% and the Dow is down 1.3% in pre-market dealings. European stock markets are modestly weaker, with the Euro Stoxx off 0.5%, the CAC 40 down 0.6% and the German DAX 0.9% in the red as concerns mount that fresh U.S. tariffs on Germany's auto industry are increasingly likely. The UK's FTSE is only 0.1% weaker. In Asia, China's CSI 300 lost 1.7%, while Japan's Nikkei was 0.7% softer. Hong Kong's Hang Seng was closed for a holiday.