Dow drops more than 700 points in wake of Trump's China sanctions
President Trump sent stocks tumbling and prompted new fears of a global trade war Thursday as he punished China with $ 60 billion worth of trade sanctions for stealing American technology.
The Chinese government vowed to retaliate and defend its interests. Within hours, it announced it may set tariffs on U.S. pork, aluminum and other goods.
“We have spoken to China and we are in the midst of a very large negotiation,” Trump said Thursday. “We will see where it takes us.”
The uncertainty did not resonate well on Wall Street as financial markets skidded — with the Dow Jones industrial average plunging 724 points, or 2%.