While Chinese markets are still closed for lunch, the announcement of US tariffs on China being officially unleashed - followed swiftly by China commenting that "it's forced to retaliate" - has, of course, been met with a sudden wave of panic-buying in US equity futures...

Shots Fired

0001ET *U.S. TARIFFS ON CHINA TAKE EFFECT AS TRUMP TRADE WAR ESCALATES

0004ET *CHINA SAYS IT HAS TO FIGHT BACK

0006ET *CHINA SAYS IT'S FORCED TO RETALIATE ON U.S. TARIFFS

And Dow Futures spike 100 points...

What a farce - if this holds then Trump will be more than pleased to follow through with more hundreds of billions in tariffs - and new record highs for The Dow?

After early weakness, onshore- and offshore-Yuan are now spiking too...