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Dow tumbles nearly 900 points after Trump reignites trade war between the world’s two largest economies
New York — US stocks closed sharply lower Friday after President Donald Trump threatened to hike tariffs on imports from China, reigniting fears of a trade war that rocked global markets earlier this year.
The Dow fell 879 points, or 1.9%. The broader S&P 500 dropped 2.71% and the tech-heavy Nasdaq Composite slid 3.56%.
The S&P 500 and Nasdaq each posted their worst day since April as a slide in tech stocks led the market lower. The Dow posted its worst day since May. The S&P 500’s drop of 2.71% saw the index shed roughly $1.56 trillion in market value in one day, according to FactSet data.
Trump said in a social media post he is considering a “massive increase” in tariffs on imports from China, adding “There is no way that China should be allowed to hold the World ‘captive’” over rare earth exports.
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