The Dow Jones Industrial Average closed 458 points down, as Beijing slapped tariffs on US imports in retaliation for US steel and aluminum tariffs and President Donald Trump blasted online retail giant Amazon.
On Monday, Beijing imposed a 15 percent duty on 127 US products, as well as a 25 percent tariff on pork, in retaliation for Trump’s recent tariffs on Chinese exports.
“China and the United States are the world’s two biggest economies, and cooperation is the only correct choice,” the Chinese Ministry of Commerce said announcing the tariffs, adding that it hoped the US would rescind its tariff decision “as quickly as possible.”
Meanwhile, Amazon Inc. shares took a nearly 6 percent dive after Trump continued criticizing the company. On Friday, the president blasted Amazon for not paying federal taxes and benefiting from cheap US Postal Service shipping rates. “This will be changed,” he tweeted on Monday.
Trump also said the Washington Post, owned by Amazon CEO Jeff Bezos, should register as a lobbyist. The newspaper has been unwaveringly critical of Trump since the 2016 election campaign.