China on Monday announced it was imposing new tariffs on 128 U.S. products, firing the latest salvo in its ongoing back-and-forth over trade with the U.S.
Those goods matched a list of U.S. imports Beijing proposed last month in response to U.S. steel and aluminum tariffs.
While the move is noteworthy, the import value of those goods stood at just $3 billion in 2017, compared to a total of $130.4 billion worth of U.S. goods exported to China last year, according to government data.
Trade-related fears roiled global stock markets last month as investors worried that rising trade tensions could potentially result in a trade war that would dent economic growth and hurt corporate profits.
The recent sell-off in tech stocks stateside was also fresh in the minds of investors, although the sharp falls largely eased at the end of last week. Meanwhile, supply levels in the bond markets were also in focus.
