Stocks Tumble After Trump Slaps Tariffs on $60B in Chinese Imports

© AP Photo / Richard DrewFinancial Markets Wall Street Download Comp Tag as... Cancel Apply Back to search results3of26,228 results FINANCIAL MARKETS WALL STREET Overview Download now Trader Fred DeMarco, left, works with colleagues in a booth on the floor of the New York Stock Exchange, Thursday, March 22, 2018. Stocks are falling sharply and bond prices are climbing after the Trump administration moved to place tariffs on some goods imported from China and restrict Chinese investment.
Financial Markets Wall Street Download Comp  Tag as... Cancel Apply Back to search results3of26,228 results FINANCIAL MARKETS WALL STREET Overview Download now   Trader Fred DeMarco, left, works with colleagues in a booth on the floor of the New York Stock Exchange, Thursday, March 22, 2018. Stocks are falling sharply and bond prices are climbing after the Trump administration moved to place tariffs on some goods imported from China and restrict Chinese investment. - Sputnik International
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Stock markets in the US and around the world fell off track Thursday on the heels of US President Donald Trump's signing of a presidential memorandum that can impose tariffs on billions of dollars of goods imported from China.

The Dow Jones Industrial Average sunk 2.93 percent (723 points) and the S&P 500 Index shed 2.42 percent (70 points) at the close of trading on Thursday. The Dow's daily slump was the biggest decrease since early February.

A trader works on the floor following the closing bell as a screen shows the Dow Jones Industrial Average on the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018 - Sputnik International
Analysts Explain Why Dow Jones Volatility Unlikely to Affect US Economy

"The market doesn't like trade wars, the market doesn't like that the Fed is adamant about raising rates," Matt Schreiber, president of WBI Investments, told Bloomberg.

Equity markets worldwide slumped. Japan's Nikkei 225 was the lone outlier, jumping 1 percent, or about 211 points.

Trump's tariffs align with his criticism of US trade deficits, which have ballooned over the past 30 years. Trump said the tariffs would be the "first of many" actions, stoking concerns about a tit-for-tat trade war. 

While the administration has not specified which goods will be taxed specifically, US Trade Representative Robert Lighthizer said the policy would apply to "appropriate products" to strike back at China's "policy of forced technology transfer" and cybercrime, Investor's Business Daily noted.

"It will make us a much stronger, much richer nation," Trump said Thursday. A senior administration official told Sputnik News the anti-China package was "designed to offset the gains that the Chinese have received through their unfair practices."

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