US markets hit as China retaliates with tariffs

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BEIJING (AP) — The Dow is down 500 points after China announced retaliatory tariffs against the United States.

China said Monday that there will be tariff hikes on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10%, to 25%.

The retaliatory measures were announced about an hour after President Donald Trump tweeted directly to Chinese President Xi Jinping saying: “China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries.”

The Dow and the S&P are down more than 2%.

The tech heavy Nasdaq is down 2.5%

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