Stocks plummet as China promises to retaliate against US levies

European stocks are plunging as investors have been spooked by a further escalation of the trade spat between the US and China. After the Donald Trump administration announced on Tuesday that it plans to slap China with a package of tariffs worth $200 billion, Beijing responded and promised to take appropriate countermeasures sticking to its tit-for-tat approach. Tensions are also seen on the Chinese offshore yuan which has lost momentum against the US dollar and it's trading above 6.70 again. Shortly after 11:00 am BST all European stock markets are bleeding. A loss on DAX (DE30) has already exceeded 1.4%, while the SP500 (US500) futures point to a 0.7% decline at the opening.