Stocks fell sharply on Monday, giving back the gains from a strong turnaround in the previous session, after China decided to raise tariffs on some U.S. goods as the ongoing trade war between the world’s largest economies intensifies.
The Dow Jones Industrial Average traded down 611 points, while a 3.4% drop in the tech sector pushed the S&P 500 down by 2.3%. The Nasdaq Composite dropped 3.2%.
China will hike tariffs on $60 billion worth of U.S. imports, starting on June 1. The goods targeted include a broad range of agricultural products. This comes after President Donald Trump raised tariffs on Chinese imports last week.