Beijing announced Friday it would impose new tariffs on American soybeans, crude oil, and cars — prompting a sharp response from President Trump.
The stock market fell sharply on Friday, after China announced it would slap retaliatory tariffs on $75 billion worth of U.S. goods and President Donald Trump vowed to fight back.
The Dow Jones Industrial Average fell by more than 621 points, a dip of about 2.37 percent, after a series of tit-for-tat tweets by the president that ordered American companies to find alternatives to China. The Nasdaq Composite and S&P 500 each tumbled by 3 percent and 2.59 percent, respectively.
Markets had been higher earlier in the day, ahead of a speech by Federal Reserve Chairman Jerome Powell, who has been repeatedly lambasted by Trump for not lowering rates more readily.