President Donald Trump blamed China's President Xi Jinping for a trade deal falling apart between the two countries in the final week.
Trade talks broke down last week after the White House accused China of reneging on key portions of an agreement and then hiked the tariff rate to 25% on $200 billion of Chinese goods on Friday.
President Trump also warned China on Monday not to retaliate to those new tariffs. It "will only get worse!," he wrote. Trump said Friday that trade talks would continue with China but there are no official meetings planned in the future yet. China's Commerce Ministry said last week it would take countermeasures against the American tariff hike, but no official announcement has been made.
Traders reacted negatively on Monday to Trump ratcheting up the rhetoric amid this tenuous time. The Dow Jones Industrial Average futures indicated a drop of about 300 points at the open. While S&P 500 futures pointed to a loss of 1.1% and Nasdaq 100 futures indicated a drop of 1.5%. The Dow lost 1.9% last week as the trade deal fell apart.
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