Financial markets from stocks to soybeans plunged suddenly in overnight trading as China hit back at President Donald Trump's trade actions much faster than expected.
At around 3:50 a.m. ET, newswires alerted a report from China's state television that the country was planning to retaliate on more than 106 U.S. products.
Source: FactSet
While there was no start date for the China tariffs announced, the reaction in futures markets was nearly immediate. The 25 percent tax on imports included products such as soybeans, cars and even whiskey.
Here are the Dow Jones industrial average futures tumbling overnight as investors began pricing in the cost to stocks such as Boeing and Tesla:
Here are soybean futures plunging on the planned direct hit by China:
U.S. dollar index futures dropped on fears a trade war would hurt the economy and the status of the world's reserve currency.
Here are gold futures surging as investors flee for safety:
There's a lot more trading to go Wednesday, but the immediate reaction for global and overnight traders was to sell the news and figure out the actual implications later.