China ADRs & ETFs dropped in premarket trading. PDD was down 5%; YINN slid 4%; NIO fell 3%; Alibaba fell 2%.

The Chinese foreign ministry called for dialogue between China and the United States on Wednesday as an additional 10% in U.S. tariffs on all Chinese products kicked in.

China, in response to the latest U.S. tariffs, has announced counter-tariffs of up to 15% on some U.S. imports starting on Feb. 10, buying Washington and Beijing time to try to hammer out a deal.

U.S. President Donald Trump said on Tuesday he was in no hurry to speak to Chinese officials to try to defuse a new trade war between the world's two largest economies.

Temu parent PDD's stock dropped over 5% in premarket trading.

The U.S. is discussing whether to add Chinese ecommerce retailers Shein and Temu to the Department of Homeland Security's (DHS) 'forced labor' list, Semafor reported on Tuesday.

The Trump administration has not made a final decision on the matter and could ultimately decide not to list either, the report said, citing two sources familiar with the discussions.

Both companies denied the use of forced labor.