Stock market opens sharply lower as U.S.-China tariff battle intensifies

U.S. stocks fell sharply at the opening bell Monday after China retaliated for the Trump administration's decision last week to raise tariffs on Chinese imports. Beijing said it would move to raise tariffs as high as 25% on $60 billion of U.S. goods. President Donald Trump over the weekend and Monday insisted via Twitter that the U.S. has the upper hand in trade negotiations, while Chinese state media said Beijing would not bow to U.S. pressure.

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