Stocks Tumbled at Open as U.S.-China Tariff Battle Intensified

U.S. stocks tumbled at open on Monday, after China retaliated for the Trump administration’s decision last week to raise tariffs on Chinese imports. The Dow Jones Industrial Average lately dropped 494.30 points, or 1.91%, to 25,448.07. The S&P 500 declined 55.09 points, or 1.91%, to 2,826.31. The Nasdaq Composite shed 195.27 points, or 2.47%, to 7,721.67.

Oil prices climbed Monday after Saudi Arabia said two of its oil tankers were attacked near the Strait of Hormuz over the weekend. West Texas Intermediate crude for June delivery rose 90 cents, or 1.5%, to $62.57 a barrel. July Brent crude added $1.02, or 1.5%, to $71.68 a barrel.

China said on Monday it will adjust tariffs on a revised target list of $60 billion worth of U.S. imports, with additional rates of 20% to 25% in retaliation for a U.S. tariff hike on $200 billion worth of Chinese goods. A total of 5,140 U.S. products will be subject to various tariff rates starting June 1, the finance ministry said in a statement.