U.S. stock futures traded sharply lower early Wednesday after the White House announced a list of tariffs on $200 billion in Chinese goods.

Dow Jones mini futures fell 1 percent as investors digested the latest escalation in trade tensions between the two economies.

As of 5:30 a.m. ET, the implied open for the Dow Jones Industrial Average was more than 200 points lower. The implied opens for the and the Nasdaq were also in the red.

The list unveiled late Tuesday was the latest in an ongoing trade dispute between the world's two largest economies.

On Friday, U.S. tariffs on $34 billion worth of Chinese goods kicked in. President Donald Trump had threatened China with the prospect of additional tariffs on at least $500 billion in goods if Beijing retaliated. China went ahead and immediately levied retaliatory tariffs on the U.S.

U.S. Trade Representative Robert Lighthizer called the Trump administration's response an "appropriate" one and said China's retaliatory measures were "without any international legal basis or justification."

U.S. stocks had closed higher on Tuesday prior to the tariff list announcement, with the Dow rising 0.58 percent to 24,919.66 and the S&P 500 adding 0.35 percent to 2,793.84.