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Capitol Report: Stock market futures hit hard after Trump tweets tariff threat on Chinese goods

President Donald Trump, despite repeated claims by the White House that trade talks with Beijing were progressing, announced Sunday on Twitter that tariffs on $200 billion of Chinese goods will increase next week to 25% from 10%.

“The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump wrote in the surprise announcement.

He also threatened that the U.S. will impose 25% tariffs on another $325 billion of Chinese goods, just days after Vice President Mike Pence told CNBC that Trump was hopeful he could hammer out a deal with China.

At last check, futures on the Dow YMM9, -1.96% were off by nearly 400 points, or 1.4%, while gold GCM9, +0.37% was moving higher.

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