Dow Drops Precipitously After Trump Announces New China Tariffs

NEW YORK, NY - AUGUST 1: Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange (NYSE) on August 1, 2019 in New York City. Following large gains earlier in the day, U.S. markets dropped sharply after an afternoon tweet by U.S. President Donald Trump announcing his plans to impose a 10 percent tariff on an additional $300 billion worth of Chinese imports. His announcement said the new tariffs will take effect on September 1. (Photo by Drew Angerer/Getty Images)