Stocks slide as China announces tariffs on US imports
U.S. stocks slid Monday after China announced new tariffs on agricultural imports from the States in response to President Trump’s levies on foreign steel in aluminum.
The Dow Jones industrial average had fallen more than 500 points shortly after noon, a 2.3-percent drop. The Standard and Poor’s 500 index had dropped 2.6 percent and fell into correction territory — a 10-percent drop from its 52-week high. The Nasdaq had taken the heaviest losses, falling 2.9 percent.
China announced a 15-percent tax on more than 120 U.S. imports, including pork, fruit and nuts, as a response to Trump’s tariffs of 25 percent and 10 percent on Chinese steel and aluminum respectively.
China is expected to levy further tariffs on U.S goods in response to Trump’s plan to impose up to $60 billion in levies on Chinese imports.
http://thehill.com/policy/finance/381265-stocks-slide-as-china-announces-tariffs-on-us-imports
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