Stock futures were slightly lower on Tuesday after China slapped tariffs on U.S. imports, retaliating to U.S. duties on exports from Beijing. Futures tied to the Dow Jones Industrial Average were down 65 points, or about 0.2%, while S&P 500 futures traded around the flatline. Meanwhile, Nasdaq-100 futures were up 0.2%. The Chinese government slapped tariffs of up to 15% on U.S. imports of coal and liquefied natural gas and 10% higher duties on crude oil, farm equipment and selected cars, effective Feb. 10. The move comes after the U.S. agreed to pause more aggressive levies on Canada and Mexico. Canadian Prime Minister Justin Trudeau announced in a post on social media site X on Monday evening that Trump agreed to halt the implementation of tariffs against Canada for at least 30 days. Earlier on Monday, Mexican President Claudia Sheinbaum announced that duties on Mexico imports to the U.S. would also be halted for a month. Stocks are coming off of a volatile trading session, in which the major averages made a striking turnaround after an initial global sell-off. At its session low on Monday, the 30-stock Dow fell more than 600 points, or nearly 1.5%, after Trump signed an order over the weekend to impose 25% tariffs on Mexico and Canada, plus a 10% levy on China. Investor sentiment turned around on Monday afternoon, however, after Trump said the duty on Mexican goods would be would be paused. Ultimately, the major averages ended Monday well off their lows of the day, but they still booked losses. The 30-stock Dow slipped 0.28%, while the S&P 500 fell 0.76%. The Nasdaq Composite dropped 1.2%. “We are in a bull market fueled by a strong U.S. consumer and rising corporate profitability. Until something cracks with this narrative, I believe dips are buyable,” said Ross Mayfield, investment strategist at Baird. “Investors should prepare for more market volatility related to trade uncertainty, but we think the overall backdrop for investors remains quite solid.” Mayfield thinks that China tariffs will likely remain in place as they did during the first Trump administration, but this time around, the White House views “trade as a means to exert non-trade concessions.” On the economic front, the Job Openings and Labor Turnover Survey for December is due on Tuesday, as well as durable orders. The main event this week will be Friday’s January nonfarm payrolls report, which will add further clarity to the employment picture. U.S. Treasury yields were mixed on Tuesday as investors assessed U.S. President Donald Trump’s 30-day tariff pause and awaited more economic data. The yield on the 10-year Treasury was up 3 basis points to trade at 4.577%, while the 2-year Treasury yield was down a basis point at 4.255%. Asia-Pacific markets rose Tuesday after Donald Trump paused tariffs on Mexico for a month, while Canada also said the U.S. president had put on hold proposed tariffs on its exports. Hong Kong’s Hang Seng index was up 2.83% in its last hour of trade, as China slapped tariffs on U.S. imports, in retaliation to the U.S. duties on its exports. China levied tariffs of up to 15% on U.S. imports of coal and liquefied natural gas and 10% higher duties on crude oil, farm equipment and selected cars from the U.S. This move comes just as Trump’s additional 10% tariff across all Chinese imports into the U.S. came into effect at 12:01 a.m. ET on Tuesday. Chinese markets remain closed for the Lunar New Year holiday. Japan’s benchmark Nikkei 225 ended 0.72% higher at 38,798.37, while the broader Topix index advanced 0.65% to 2,738.02. South Korea’s Kospi rose 1.13% to end the day at 2,481.69 while the small-cap Kosdaq gained 2.29% to close at 719.92. Australia’s S&P/ASX 200 closed flat at 8,374, erasing earlier gains. Crude prices fell on Tuesday as U.S. tariffs on China took effect and Beijing retaliated with its own tariffs, heightening trade war fears, while U.S. President Trump delayed a decision on imposing steep levies on Canada and Mexico for a month. U.S. West Texas Intermediate (WTI) crude was down $1.21, or 1.65%, at $71.95 per barrel, while Brent futures were down 73 cents, or 1%, to $75.23. Gold prices were steady on Tuesday, after a record rally in the previous session, with investors cautious about the potential effects of President Donald Trump’s tariffs and ahead of the U.S. economic data set to be released later this week. Spot gold gained 0.4% to $2,823.71 per ounce after hitting a record high of $2,830.49 on Monday. U.S. gold futures fell 0.2% to $2,852.5. Global bullion banks are flying gold to the U.S. from hubs like Dubai and Hong Kong to take advantage of the high premium the U.S. gold futures are commanding over spot prices on tariff concerns.