Stocks Tumbled at Open after Trump’s Latest Tariff Threat

U.S. stocks tumbled at open on Monday after President Donald Trump said he would raise tariffs this week on $200 billion of Chinese goods to 25%. The Dow Jones Industrial Average lately retreated 370.24 points, or 1.40%, to 26,134.71. The S&P 500 fell 38.41 points, or 1.30%, to 2,907.23. The Nasdaq Composite slid 125.22 points, or 1.53%, to 8,038.78.

Stocks fell sharply at market open Monday as President Donald Trump announced higher tariffs on Chinese goods, escalating the ongoing trade fight between the world’s two largest economies and undermining expectations for a comprehensive agreement.

Crude prices tracked slumping global equities on Monday as investors shied away from perceived riskier assets amid concerns trade talks between the U.S. and China were verging on collapse. West Texas Intermediate crude for June delivery fell $1.32, or 2.1%, to $60.62 a barrel. July Brent crude fell $1.35, or 2%, to $69.50 a barrel.

In a pair of tweets over the weekend, Trump raised the threat of increasing tariffs to 25% from 10% on $200 billion in Chinese goods by Friday. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” he wrote.