The Dow Jones Industrial Average DJIA. -0.88% slumped 219.21 points, or 0.9%, to 24,700.45.
The S&P 500 SPX. -0.71% fell 19.82 points, or 0.7%, to 2,774.02. Only 1 of the 11 primary S&P 500 sectors closed in the green, with materials and the industrial sectors, both of which are seen as sensitive to trade issues, among the biggest losers. The energy sector also weighed on the market, tumbling more than 2% alongside a steep drop in the price of crude-oil futures. The utilities sector, up 0.9%, was the sole gainer.
China’s Ministry of Commerce said in a statement, that the new levies are “totally unacceptable” and that the behavior is hurting not just China but the whole world.
The White House says they plan more tariffs.