Stocks slide as China imposes tariffs, raising trade war concerns

Stocks plummeted again Friday after China announced new tariffs on U.S. goods, intensifying fears that President Donald Trump’s trade policies could trigger a global trade war and economic downturn.

The Dow Jones Industrial Average dropped more than 1,500 points, or 4%, following a 1,679-point decline Thursday. The S&P 500 fell 5% after losing 4.8% the previous day and is now down more than 15% from its recent high.

The Nasdaq Composite, which includes many tech companies that rely on Chinese manufacturing and sales, slid 4%. If it closes at that level, the index would be 21% below its December peak — meeting Wall Street’s definition of a bear market.

China’s Commerce Ministry said Friday it would impose a 34% tariff on all U.S. products, matching the duties Trump announced Wednesday on Chinese imports.

Tech stocks were among the hardest hit. Apple, maker of the iPhone, fell more than 4%, extending its weekly loss to 10%. Nvidia, a leader in artificial intelligence, dropped 7%, while Tesla sank 9%. All three companies have significant exposure to China and were sharply affected by Beijing’s retaliatory measures.