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(Bloomberg) — U.S. equity futures tumbled while the yen and Treasury contracts climbed after the latest escalation in the Sino-American trade war. The yuan weakened and stocks looked headed for steep losses in Asia.

Futures were more than 2% lower in Tokyo and Hong Kong. S&P 500 contracts fell more than 1% after sliding Friday, when President Donald Trump announced additional levies on Chinese imports and called for American companies to pull out of Asia’s largest economy after China said it would impose retaliatory tariffs on U.S. goods. Trump acknowledged having second thoughts on escalating the trade war, only for aides to clarify he meant he regretted not raising tariffs even more. The yen touched a fresh 2019 high against the

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