China has proposed a 25% tariff on over 100 US exports including automobiles, soybeans, aircraft, orange juice and many others. This additional tariff would be on top of any tariffs already in place. On the data front, the March ADP employment report came in stronger than expected as private companies added 241k jobs for the month and February was revised higher by 11k jobs. Later this morning the market will get data on February factory orders and the March ISM non-manufacturing index. European shares are trading lower with technology shares leading the decline. Asian markets closed mixed with Japan’s Nikkei closing slightly higher.