U.S. market futures are in the red amid escalating trade tensions between the U.S. and China. The Trump administration has imposed another $50B worth of 25% tariffs on China imports, to which China has responded with 25% tariffs on another 106 American products. The newest U.S. tariffs will impact some 1,300 Chinese products, including medical devices, batteries and machine tools, as well as some consumer products like television sets. They “would target products that benefit from China’s industrial plans while minimizing the impact on the U.S. economy,” said the office of the U.S. trade representative,