Fresh shockwaves hit U.S. markets after Trump tweets, China steps up trade war [View all]
Source: Washington Post
Stocks dropped Monday as technology companies came under fire and fears grew about a trade war with China.
The Dow Jones industrial average plunged down more than 580 points, or 2.4 percent, in morning trading. The Standard & Poor’s 500-stock index was down 2.6 percent and the tech-heavy Nasdaq Composite was down 2.9 percent as volatility continues to rock markets.
China’s government said on Sunday that it would immediately impose tariffs on 128 U.S. commodities it imports in retaliation for President Trump’s levies on steel and aluminum. The tax on U.S. goods could span pork, soybeans and fruit as well as aircraft.
The fears of an impending trade war have rocked markets since last month when Trump announced 25 percent tariffs on steel and 10 percent on aluminum that the U.S. imports.
Read more: https://www.washingtonpost.com/business/economy/fresh-shockwaves-hit-us-markets-after-trump-tweets-china-steps-up-trade-war/2018/04/02/1f3beebe-3678-11e8-9c0a-85d477d9a226_story.html?utm_term=.abbb4cc076cc
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