U.S. stock futures point to higher Wall Street opening despite China tariffs hike

U.S. stock futures all moved into positive territory Friday after initially being in the red following China’s announcement that it is raising tariffs on U.S. imports to 125% from 84%, escalating the trade war between the two countries. Beijing’s move takes effect Saturday and follows President Trump hiking U.S. levies on imports from China to a 145%.

As of 6:45 a.m. EDT, S&P 500 futures were up 0.84%, Dow Jones Industrial Average futures had climbed 0.68% and futures for the Nasdaq composite were 0.93% higher, Yahoo Finance reported.

Markets in Asia were under pressure Friday following a swoon on Wall Street Thursday, according to French news agency AFP.

Tokyo declined more than 4% — a day after surging more than 9%  — while Seoul, Sydney, Singapore and others also fell.

European markets lost ground after China’s latest step ratchetting up Washington-Beijing trade tensions.