The S&P 500 dropped two per cent after U.S. President Donald Trump shattered a months-long calm on Wall Street by threatening to crank tariffs higher on China. The main measure of Wall Street's health is heading toward its worst loss since April.
The Dow Jones Industrial Average fell 622 points, and the Nasdaq composite sank 2.7 per cent. Stocks had been on track for a slight gain in the morning, until Trump took to his social media platform and said he's considering a massive increase of tariffs on Chinese imports.
He's upset at restrictions China has placed on exports of its rare earths, which are materials that are critical for the manufacturing
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