You can read our live blog where we covered the tariff announcements and market reaction from last night, but the big picture is: The United States is issuing reciprocal tariffs that are largely calculated on trade imbalances rather than tariff rates.

US benchmark equity indices like the Dow Jones, Nasdaq, and the S&P 500 on Friday opened lower after China announced its retaliation move imposing 34 per cent tariffs on the Western nation effective April 10.

US equity futures are pointing towards more pain ahead on Wall Street after Thursday's rout wiped out over $2.5 trillion in market capitalisation. The Dow futures are currently trading 420 points lower,