So, it's around 9.20am Chicago time and volatility's already up 20% on EU retaliatory tariffs and Trump's threat of more tariffs to come.

Many US stocks, including techs, are down 2% to 8%.

The largest US listed Chinese stocks are down between 3% and 5%.

As if tariffs were not enough, we are also expecting to see a banning of certain Chinese investments (depending on level of Chinese ownership and other measures) in US 'industrially significant technology' - and we should know more about those details on 30 June.

For the moment, it's a 'tit for tat' exchange between the US and China/EU/Canada etc., with the US not giving anything away, so far. 

US, European and UK equities markets are all down for the moment.

Mike

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