The Dow Jones Industrial Average closed down more than 700 points, with investors fearing that trade tensions will spike between the US and China after President Donald Trump unveiled new tariffs against Beijing.
Industrial and technology companies, which depend heavily on foreign trade, took some of the worst losses with Boeing, Caterpillar and Microsoft all falling sharply.
The Dow sank 724 points, or 2.9 per cent, to 23,957. The Nasdaq lost 178 points, or 2.4 percent, to 7,166. The S&P 500 index dropped 68 points, or 2.5 per cent, to 2,643, erasing its gain for the year. It is the fifth-worst daily point drop ever for the Dow and the worst since the beginning of February.
