DEVELOPING: Dow falls almost 500 points Monday, as China retaliates by slapping tariffs on $60B in US goods.
Wall Street plunged on Monday at the opening bell, with the Dow Jones Industrial Average falling by 550 points in response to a ratcheting up of trade tensions after China said it would raise tariffs on $60 billion worth of U.S. goods, starting June 1.
The retaliation from the Chinese finance ministry comes after President Donald Trump followed through on his threat to raise tariffs on $200 billion of Chinese imports last week. As of 12:01 a.m. last Friday, Chinese-made goods bound for the U.S. were subject to a 25 percent tariff, up from 10 percent.
He also warned the Chinese that “The deal will become far worse for them if it has to be negotiated in my second term. Would be wise for them to act now, but love collecting BIG TARIFFS!”
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