The Dow Jones Industrial Average Index plunged more than 650 points on Monday after China announced it will retaliate against increased US import duties by raising tariffs on $60 billion of American goods to 25% starting June 1, while also adding 5000 more products to the list of tariffed goods. Meanwhile, US President Donald Trump warned China against retaliating and predicted that many companies affected by US tariffs will be leaving the most populous country in the world for other countries in the region.
The Dow Jones lost 659 points, or 2.54% at 12:31 pm ET, with Apple as the worst performer. The Nasdaq 100 plunged 3.40% at the same time, weighed down by Mylan pharmaceutical company. Meanwhile, the S&P 500 sank 2.56%, also pushed down by Mylan. The euro was flat against the dollar, while gold benefited from the stock selloff to rise over 1%.
