Wall Street’s main indexes fell more than 2 per cent on Monday after Beijing announced plans to retaliate with higher tariffs on U.S. goods, raising fears that another round of tit-for-tat measures could push the U.S. economy toward recession.The Dow Jones Industrial Average fell 560.03 points, or 2.16%, to 25,382.34, the S&P 500 lost 61.84 points, or 2.15%, to 2,819.56 and the Nasdaq Composite dropped 222.72 points, or 2.81%, to 7,694.22.
China’s finance ministry said on Monday it planned to impose tariffs ranging from 5 per cent to 25 per cent on 5,140 U.S. products on a target list worth about US$60 billion from June 1, striking back after U.S. raised duties last week. The S&P 500 on Friday racked up its worst weekly decline since December, as Washington raised tariffs on Chinese goods worth US$200 billion to 25 per cent from 10 per cent.
U.S. equities hit record highs just two weeks ago on hopes of a trade deal and a positive first-quarter earnings season. The S&P 500 was trading 4.4 per cent below its all-time high close.
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