Despite this, it took less than 24 hours for China to respond to the latest salvo of tariffs fired off by U.S. President Donald Trump as Beijing announced it will impose $60 billion worth of tariffs on U.S. goods, which took effect today. The new round of tariffs from China are said to affect a list of 5,207 products within a range of 5 to 10%. Both the U.S. and China have already slapped each other with tariffs worth $50 billion total.

Last week, the U.S. capital markets were able to stave off any negative effects of trade wars as the S&P 500 hit new highs, but they appear to have returned to roil the markets further.

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