Stocks Opened Sharply Lower amid Escalating China-US Trade War

U.S. stocks opened sharply lower on Wednesday, driven by concerns over the prospect of a trade war between China and the U.S. The Dow Jones Industrial Average lately fell 378.16 points, or 1.57%, to 23,655.20. The S&P lost 27.16 points, or 1.04%, to 2,587.29. The Nasdaq Composite dropped 73.76 points, or 1.03%, to 6,867.52.

Oil prices slid Wednesday morning, following global equities lower amid an escalating trade row between the U.S. and China. Brent crude was down 85 cents, or 1.3%, at $67.27 a barrel. West Texas Intermediate futures were trading down 89 cents, or 1.4%, at $62.62 a barrel.

Earlier Wednesday, China announced additional tariffs on 106 U.S. products, less than 24 hours after President Donald Trump unveiled a list of Chinese imports that his administration aims to target as part of a crackdown on what he deems unfair trade practices.

U.S. companies hired 241,000 new workers in March, a private survey found, a solid total that suggests the already-low unemployment rate may be headed lower in the coming months. China said the 25 percent levy on U.S. imports includes products such as soybeans, cars and whiskey.