Chinese stocks have fallen heavily after US President Donald Trump ordered officials to identify a further $200 billion worth of imports that could be subject to a 10% tariff. US stock futures also fell, and global benchmark bonds rallied in further signs of market unease. China said it would “fight back firmly” against any initial tariffs. Markets in China immediately fell into a sea of red at the market open on Tuesday in Asia, following a further escalation of trade tensions between Beijing and Washington. A short time ago, the benchmark Shanghai Composite index had slumped by more than 2% which saw it fall below the 3,000 mark — the lowest level for China’s benchmark index since August 2016.Investing.comSee the rest of the story at Business InsiderNOW WATCH: This top economist has a radical plan to change the way Americans voteSee Also:These photos reveal why the 26-year-old organizer of the disastrous Fyre Festival could spend more than 10 years in prison32 of the most dangerous things science has strongly linked to cancerWhy Phil Mickelson was not disqualified from the US Open and why other pros are not happy about itSEE ALSO: 'How is this not child abuse?': Homeland Security secretary gets mercilessly grilled over family separation policy in heated press briefing