Dow Jones Industrial Average closes down 620 points as escalation of US-China trade dispute rattles
NEW YORK (AP) - Dow Jones Industrial Average closes down 620 points as escalation of US-China trade dispute rattles investors.
The U.S. has said it plans to impose 10 percent tariffs on $300 billion of Chinese goods in two steps, on Sept. 1 and Dec. 15, an amount that has now risen to 15 percent. China responded Friday with new tariffs on $75 billion of U.S. products in retaliation, deepening a conflict over trade and technology that threatens to tip a weakening global economy into recession.
The president joked on Twitter earlier on Friday that the drop may be due to the fact that Representative Seth Moulton, "whoever that may be", had announced he had dropped out of the 2020 run.