S&p 500 futures drop 0.55 percent in Asia on US-China tariff slugfest

The risk assets are under pressure as US and China appear increasingly headed towards a full-fledged trade conflict.

Currently, S&P 500 futures are down 0.55 percent, signaling the US stock markets are likely to open on a negative note. Further, FTSE 100 future and DAX futures are reporting a 0.4 percent drop. 

Risk assets ran into offers after President Trump asked the US Treasury to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent. Trump has threatened that these additional tariffs will come into effect if China retaliates to US' decision to impose tariffs on $50 billion worth of Chinese imports.