(NewsNation) — Wall Street futures are in the green Tuesday morning, a rare sight since President Donald Trump’s “Liberation Day” tariffs were announced and rocked economies worldwide last week.
With 30 minutes left before markets opened, futures for the Dow Jones Industrial Average were up 2.9%, the S&P 500 up 2.6% and the Nasdaq-100 up 2.5%.
But many are waiting to see if the nation’s three major indices take any hits from the escalating trade tension between China and the U.S.
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Trump has threatened to slap an additional 50% tariff on the already levy-laden China, combining with the previously-announced 34% tariff and the standing 20% tariff for a total of 104%.
China’s Ministry of Commerce called Trump’s latest ultimatum a “mistake on top of a mistake,” and has vowed to “fight to the end” against the tariffs.
Trump told reporters in the Oval Office on Monday he’s hopeful Chinese President Xi Jinping will change his mind.
“I have a great relationship with President Xi. I hope it’s going to stay that way,” Trump said. “I have great respect for China, but they can’t do this.”
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Despite the positive market predictions, global conflicts or products of the rumor mill could shake the stock floors, as evidenced by Monday’s seesawing stock market.
The week began on another massive fall for U.S. markets, which quickly shifted positive after a false report surfaced claiming Trump was considering a 90-day pause on the tariffs. The report had the market move $3.6 trillion to the upside in just a few minutes.
