NEW YORK (Reuters) - U.S. stocks dropped about 2 percent on Friday, with the Dow falling more than 570 points, as U.S. President Donald Trump’s latest tariff threat on Chinese imports fueled increasing concern over a U.S. trade war with China.

Stocks added to losses and hit session lows in afternoon trading after Federal Reserve Chairman Jerome Powell said the U.S. central bank will likely need to keep hiking interest rates to keep inflation under control and said it was too soon to know if rising trade tensions would hit the U.S. economy.

Fears of a trade war since Trump announced tariffs on steel and aluminum imports more than a month ago have kept investors on edge over concerns that such protectionist measures would hit global economic growth.

“It’s a reaction to concerns about the administration’s approach to trade. The market has vacillated between writing it off as just talk and assuming there could be a serious problem,” said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

He and others said investors also appeared to be reducing risk ahead of the weekend.

“If the market is down it often tends to accelerate on Friday. Investors don’t want to take the risk of coming in Monday after having something happen over the weekend,” Meckler said.

Trump late Thursday threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a “fierce counter strike”.

U.S. companies seen as more likely to be hit by trade tensions with China were among the biggest drags on the Dow, including Boeing (BA.N), down 3.1 percent. The S&P; 500 industrials index .SPLRCI, down 2.7 percent, had the biggest losses among sectors, though selling was broad-based.

Chipmakers, which as a group rely on China for about a quarter of their revenue, also declined. The Philadelphia semiconductor index .SOX fell 3.1 percent.

A trader on the floor of the New York Stock Exchange watches the stock market drop on his screen shortly before the closing bell in New York, U.S., April 6, 2018. REUTERS/Lucas Jackson

The Dow Jones Industrial Average .DJI fell 572.46 points, or 2.34 percent, to 23,932.76, the S&P; 500 .SPX lost 58.37 points, or 2.19 percent, to 2,604.47 and the Nasdaq Composite .IXIC dropped 161.44 points, or 2.28 percent, to 6,915.11.

The trade war worries continued to pressure stocks even as Trump administration officials sought to dampen concerns. Trump’s top economic adviser Larry Kudlow said in various interviews that he learned of the new tariffs on Thursday night, but also said there are ongoing talks on trade between the United States and China.

U.S. Treasury Secretary Steve Mnuchin in an interview on CNBC said he was cautiously hopeful the United States will reach an agreement with China on trade.

The S&P; 500 ended just above its 200-day moving average after trading well below that key support level that is watched by technical analysts.

Powell, who was speaking on the U.S. economic outlook in Chicago, also said the labor market appeared close to full employment. It was his first speech on the economic outlook since taking over as chairman on Feb. 5.

Before the session started, a Labor Department report showed nonfarm payrolls increased by a smaller-than-expected 103,000 last month. While annual growth in average hourly earnings rose to 2.7 percent, it stayed below the 3 percent that economists estimate is needed to lift inflation toward the Federal Reserve’s 2-percent target.

“There was a hope that if he had a more dovish tone that that might be a counterbalance to the trade headwinds out there,” said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

For the week, the S&P; 500 was down 1.4 percent, the Dow was down 0.7 percent and the Nasdaq was down 2.1 percent.

Facebook (FB.O) share were down 1.3 percent. It backed for the first time proposed legislation requiring social media sites to disclose the identities of buyers of online political campaign ads and introduced a new verification process for people buying “issue” ads, which have been used to sow discord online.

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Declining issues outnumbered advancing ones on the NYSE by a 3.77-to-1 ratio; on Nasdaq, a 3.59-to-1 ratio favored decliners.

The S&P; 500 posted two new 52-week highs and seven new lows; the Nasdaq Composite recorded 40 new highs and 64 new lows.

About 7.2 billion shares changed hands on U.S. exchanges. That compares with the 7.3 billion daily average for the past 20 trading days, according to Thomson Reuters data. </s> (NEW YORK ) — Another increase in trade tensions has stocks falling sharply Friday as the U.S. considers an even larger set of tariffs on imports from China and the two countries exchange pointed statements. Technology companies and banks are taking some of the worst losses.

Stocks have changed direction again and again this week as investors tried to get a sense of whether a trade dispute between the two nations will escalate, an outcome that could have major consequences for the global economy. The market didn’t get any help from a March jobs report that was weaker than expected.

The Dow Jones industrial average fell dropped 581 points, or 2.4 percent, to 23,916 as of 2:15 p.m. Eastern time. Earlier it fell as much as 620 points.

The S&P 500, which many index funds track, lost 53 points, or 2 percent, to 2,608. The Nasdaq composite slid 135 points, or 1.9 percent, to 6,940. The Russell 2000 index of smaller-company stocks dipped 29 points, or 1.9 percent, to 1,513.

The Dow average, which contains numerous multinational companies including industrial powerhouses Boeing and Caterpillar, has swung dramatically this week, with about 1,300 points separating its highest and lowest marks. It fell as much as 758 points Monday, then recovered all of those losses, and late Thursday it was up as much as 519 points for the week. It’s down 0.7 percent for the week.

The administration spent the past few days reassuring investors that it’s not rushing into a trade war, and China’s government has done the same. But late Thursday, President Donald Trump ordered the U.S. Trade Representative to consider placing tariffs on $100 billion in duties on Chinese imports. China said it would “counterattack with great strength” if he that happens.

Stocks dipped further after Trump criticized the World Trade Organization on Twitter Friday morning.

At the start of the week, the U.S. announced plans to put tariffs on $50 billion in goods imported from China, and the Chinese government responded with measures of equal size. Stocks plunged on Monday, but they rallied over the next few days as officials from both countries said they were open to talks and that the tariffs might never go into effect.

With administration officials sounding conciliatory one day and more hostile the next and the president always quick to fire off another tweet, investors simply don’t know what the U.S. wants to achieve, said Katie Nixon, chief investment officer for Northern Trust Wealth Management.

“The process itself seems to be quite chaotic,” she said. “We’re not quite sure what the long term strategy is.”

Still, she said businesses support the idea of making changes in America’s trade relationship with China. But even though investors are optimistic about the state of the global economy and company profits continue to grow, Nixon said the administration is creating the thing investors hate the most: uncertainty.

Technology companies make a lot of their sales in Asia and they have struggled as Wall Street worries about a slowdown in global economic growth. Optimism about the world economy has helped many tech companies make huge gains in the last year.

Apple skidded $3.46, or 2 percent, to $169.34 and Cisco Systems declined 98 cents, or 2.4 percent, to $40.84. PayPal dipped $2.63, or 3.4 percent, to $74.32.

Industrial companies might face the worst pain from tariffs, as they could find themselves dealing with higher costs for components imported into the U.S. while the duties on their goods in China harm their sales.

Caterpillar, a construction equipment maker, shed $584, or 3.9 percent, to $142.29 while farm equipment company Deere sank $5.56, or 3.7 percent, to $145.79. Aerospace giant Boeing dipped $12.20, or 3.6 percent, to $324.20.

Health care companies also declined. Johnson & Johnson sank $2.99, or 2.3 percent, to $127.72 and health insurer UnitedHealth dropped $59, or 2.6 percent, to $223.18.

Employers added 103,000 jobs in March, which is weaker than the last few months. The Labor Department also said fewer jobs were added in January and February that it initially estimated. The unemployment rate remained low and the job market looks fundamentally healthy, but it’s possible some employers are struggling to find workers.

Benchmark U.S. crude dropped $1.17, or 1.8 percent, to $62.37 a barrel in New York while Brent crude, used to price international oils, lost 92 cents, or 1.3 percent, to $67.41 per barrel in London. Oil prices have also been volatile this week, as investors wonder if an increase in trade tensions will reduce demand for oil by slowing down the global economy.

Bond prices rose, sending yields lower. The yield on the 10-year Treasury fell to 2.78 percent from 2.83 percent. The lower yields mean banks can’t make as much money from lending, and that send bank stocks lower. JPMorgan Chase fell $3.23, or 2.9 percent, to $108.65 and BB&T lost $1.89, or 3.6 percent, to $51.

Gold rose $7.60 to $1,336.10 an ounce. Silver edged up 1 cent to $16.36 an ounce. Copper fell 2 cents to $3.06 a pound.

The dollar fell to 106.86 yen from 107.12 yen. The euro rose to $1.2287 from $1.2256.

Germany’s DAX was down 0.5 percent while France’s CAC-40 fell 0.3 percent lower. The FTSE 100 in Britain lost 0.2 percent.

Japan’s benchmark Nikkei 225 index dipped 0.4 percent while South Korea’s Kospi slipped 0.3 percent but Hong Kong’s Hang Seng rose 1.1 percent after trading resumed following a holiday as investors caught up with the previous day’s global gains. </s> April 6 (Reuters) - U.S. stock futures dropped on Friday after the United States and China renewed their trade spat, underpinning fears that the tit-for-tat actions could spiral into a trade war, and ahead of a closely watched monthly jobs data.

Globally, stock markets edged downward after President Donald Trump threatened to slap an additional $100 billion in tariffs on Chinese goods and Beijing warned it would fight back "at any cost" with fresh trade measures.

At 7:30 a.m. ET, Dow e-minis were down 206 points, or 0.84 percent. S&P 500 e-minis were down 21.25 points, or 0.80 percent. Nasdaq 100 e-minis were down 62 points, or 0.94 percent.

Shares of Boeing, the single largest U.S. exporter to China, fell 2.4 percent, leading the losses among big U.S. manufacturers. Caterpillar fell 2.1 percent and Deere dropped 1.2 percent.

Twenty-nine of the 30 Dow Jones Industrial Average components were trading premarket - all in the red. More than 110 S&P 500 stocks were lower, led by chipmakers, which as a group rely on China for about a quarter of their revenue.

Facebook, Amazon, Netflix and Alphabet - the FANG group - were down between 1.3 percent and 2.3 percent, while Apple fell 1.5 percent. These stocks have a heavy influence on major indexes.

The list of decliners were similar to Wednesday, when the United States and China announced tariffs on $50 billion of each others' imports.

After being roiled for most of that day, Wall Street staged a strong comeback to close higher after Trump's top economic adviser Larry Kudlow said the administration was in a "negotiation" with China rather than a trade war.

Trump's latest salvo injected a fresh dose of nervousness into the market, already jittery ahead of U.S. jobs data for March for indications of economic health and the future path of interest rate hikes.

Nonfarm payrolls probably increased by 193,000 jobs last month, according to a Reuters survey of economists, lower than the 313,000 increase in February and the 242,000 average of the past three months. The data is due at 8:30 a.m ET (1230 GMT).

The unemployment rate is forecast to fall to 4 percent. Average hourly earnings are expected to have risen, with the annual increase rising to 2.7 percent, but staying below the 3-percent that economists say is needed to lift inflation toward the Federal Reserve's 2-percent target.

Recent economic data has indicated an improving economy, which, coupled with the U.S. tax overhaul, has boosted investors optimism about the upcoming earnings season. First-quarter earnings growth is expected to be the highest in seven years.

Investors will also tune into Fed Chairman Jerome Powell's speech at an event later in the day for signs the central bank could raise rates more than the expected two more times this year. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila) </s> NEW YORK (AP) — U.S. stocks fell sharply at the opening of trading Monday, following a sell-off in Europe and Asia, after President Donald Trump threatened to escalate a trade war between the world's two largest economies.

Investors have been expecting the U.S. and China to resolve their damaging trade dispute, with the two sides set to meet this week in Washington. Hopes for an accord have contributed to the big run-up in stock prices in the U.S. and China so far this year.

The latest threat shifted stocks into reverse Monday after the S&P 500 and Nasdaq indexes set records last week.

The Dow Jones Industrial Average fell 307 points, or 1.1%, as of 10 a.m. It was down as much as 471 in the first few minutes of trading.

The S&P 500 index dropped 1.1% and the Nasdaq slid 1.3%.

Trump on Sunday threatened to raise tariffs on imports from China to 25% from 10% after complaining that trade talks were moving too slowly. He also threatened to impose tariffs on another $325 billion in imports from China, covering everything the country ships annually to the United States.

Tariffs currently in place have already raised costs on goods for companies and consumers.

U.S. companies with heavy business interests in China are getting hit the hardest, particularly technology and industrial companies. Banks also fell sharply.

Qualcomm gets 64.7% of its revenue from China, according to data provider FactSet, and its stock fell 2.4%. Broadcom fell 2% and Apple fell 2.6%. Caterpillar fell 2.4%.

Investors fled to safer holdings. Bond prices rose sharply, sending yields lower, and safe-play stocks like utilities, real estate companies and makers of consumer products held up much better than the rest of the market.

Oil prices, which have been steadily rising all year, fell slightly. Benchmark U.S. crude lost 0.2% per barrel.

Shares of Chinese companies that trade in the U.S. also fell. J.D.com slid 5.4% while internet search company Baidu dropped 2.5%.

Investors have been digesting mixed reports about the negotiations for months and have largely discounted concerns about a failure in negotiations. The broader market has been posting gains all year on encouraging economic growth and solid corporate earnings results.

"We see the weekend's developments as a negative catalyst for the market, not only because of where investor expectations have been regarding the deal, but because of the downward earnings revisions that are likely to occur if the tariffs are expanded," said Lori Calvasina, head of U.S. equity strategy at RBC Capital, in a note to clients.

Boeing fell 2.5% after it disclosed that it did not warn airlines about a faulty safety alert until after one of its planes crashed.

The sensors malfunctioned during an October flight in Indonesia and another in March in Ethiopia, causing software on the plane to push the nose down. Pilots were unable to regain control of either plane, and both crashed, killing 346 people.

Boeing said Sunday that it discovered after airlines had been flying its 737 Max plane for several months that a safety alert in the cockpit was not working as intended, yet it didn't disclose that fact to airlines or federal regulators until after one of the planes crashed. </s> Equity futures were showing gains the morning after the Trump administration applied additional tariffs on $200 billion of Chinese goods.

Dow Jones futures were higher by 0.17 percent. The S&P 500 was up 0.16 percent and the Nasdaq Composite inched up 0.22%.

President Donald Trump on Monday escalated the U.S.-China trade war by announcing new tariffs on about $200 billion of Chinese imports.

The move, which had been expected since at least the weekend, imposes 10 percent tariffs on the products. The levies will climb to 25 percent beginning Jan. 1, 2019. The Trump administration also threatened to pursue additional tariffs on $267 billion worth of Chinese goods if Beijing retaliates against farmers or other U.S. industries.

The Chinese commerce ministry said in a statement that China has no choice but to retaliate, but didn’t say how.

In Asian markets, China’s Shanghai Composite waved off the tariffs to finish 1.6 percent higher.

Japan's Nikkei returned to trading following Monday’s holiday and finished the day 1.4 percent higher.

In European trading, London’s FTSE was lower by 0.13 percent, Germany’s DAX gained 0.55 percent and France’s CAC added 0.53 percent.

U.S. stocks were lower Monday in anticipation of the new tariffs.

The Dow Jones Industrial Average fell 92.55 points, or 0.35 percent, to 26,062.12. The S&P 500 was down 16.18 points, closing at 2,888.80. The Nasdaq Composite dropped 114..5 points, or 1.43 percent, to 7,895.79.

After the close of the markets, FedEx reported quarterly profit that missed Wall Street estimates on Monday, as employee compensation and other expenses weighed on results.

Earnings are due Tuesday morning from Autozone, Cracker Barrel Old Country Store and General Mills. </s> Equity futures were searching for direction after the Trump administration applied additional tariffs on $200 billion of Chinese goods.

Dow Jones futures were lower by 0.02 percent. The S&P 500 was off 0.01 percent and the Nasdaq Composite inched up 0.05%.

President Donald Trump on Monday escalated the U.S.-China trade war by announcing new tariffs on about $200 billion of Chinese imports.

The move, which had been expected since at least the weekend, imposes 10 percent tariffs on the products. The levies will climb to 25 percent beginning Jan. 1, 2019. The Trump administration also threatened to pursue additional tariffs on $267 billion worth of Chinese goods if Beijing retaliates against farmers or other U.S. industries.

The Chinese commerce ministry said in a statement that China has no choice but to retaliate, but didn’t say how.

In Asian markets, Hong Kong's Hang Seng index was down 0.7 percent.

Japan's Nikkei returned to trading following Monday’s holiday and finished the day 1.4 percent higher.

In European trading, London’s FTSE, France’s CAC and Germany’s DAX , all opened flat.

U.S. stocks were lower Monday in anticipation of the new tariffs.

The Dow Jones Industrial Average fell 92.55 points, or 0.35 percent, to 26,062.12. The S&P 500 was down 16.18 points, closing at 2,888.80. The Nasdaq Composite dropped 114..5 points, or 1.43 percent, to 7,895.79.

After the close of the markets, FedEx reported quarterly profit that missed Wall Street estimates on Monday, as employee compensation and other expenses weighed on results.

Earnings are due Tuesday morning from Autozone, Cracker Barrel Old Country Store and General Mills. </s> Chinese stocks dropped sharply after Donald Trump threatened new tariffs on the country.

The US President tweeted late on Sunday night that he would raise tariffs on more than £150billion worth of goods imported from China.

His original 10 per cent tariff, imposed in September, covered items ranging from chemicals to textiles and consumer goods.

But Trump also threatened to impose a 25 per cent tariff on another £250billion of goods from China which are currently not subject to punishing duties.

His threats alarmed investors who had been expecting both sides to agree on a trade deal, after Trump said last week that talks were going ‘pretty well’.

China’s SSE Composite Index, which includes all the stocks traded on the Shanghai Stock Exchange, slid by 5.6 per cent.

The Shenzhen Stock Exchange Composite Index, which is smaller and typically includes more entrepreneurial companies, fell by 7.4 per cent.

Trump tweeted: ‘The trade deal with China continues, but too slowly, as they attempt to renegotiate.

No!’ The price of gold rose as investors sought to protect their money, while the Dow Jones was down just 0.2 per cent as Wall Street analysts said the tariff hikes were unlikely to come into force. </s> NEW YORK >> Stocks are skidding after the U.S. and China each proposed tariffs on goods exported by the other, a move that increased investors’ worries about a trade dispute that could slow down global commerce. The market has recovered some of its losses after a sharp drop at the start of trading, but industrial and large technology companies are still falling.

The Chinese government announced plans to impose tariffs of 25 percent on a list of more than 100 U.S. goods worth $50 billion, including soybeans, the largest U.S. export to China, and aircraft. The duties are in retaliation for U.S. plans to raise duties on a similar amount of Chinese goods.

The tariffs could drive up costs for companies that make airplanes and machinery. Automakers are targets as well. Beijing’s list reflects its sensitivity to American complaints that it pressures foreign companies to hand over technology.

The S&P 500 index fell 9 points, or 0.3 percent, to 2,605 as of 11:35 a.m. Eastern time. The Dow Jones industrial average dropped 154 points, or 0.6 percent, to 23,880. The Nasdaq composite declined 7 points, or 0.4 percent, to 6,933. The Russell 2000 index of smaller-company stocks flat

The tariffs do not take effect immediately. The Chinese Commerce Ministry said the effective date depends on whether the U.S. actually moves to raise its duties. The Trump administration on Tuesday released a list of 1,300 imported Chinese products, including industrial robots and telecoms gear, subject to potential tariffs to protest Beijing’s alleged theft of U.S. technology. China’s envoy to the WTO said Beijing would challenge the U.S. moves.

Industrial companies were rocked. Aerospace company Boeing shed $11.99, or 3.6 percent, to $318.83. Farm equipment maker Deere lost $6.84, or 4.5 percent, to $146.20 and construction equipment maker Caterpillar fell $3.66, or 2.5 percent, to $141.40. Large technology companies also struggled. They led the market higher throughout 2017 and 2018 but have fallen out of favor during the recent turmoil. Facebook slid $4.75, or 3 percent, to $151.36 and Microsoft sank 98 cents, or 1.1 percent, to $88.73. Online retailer Amazon gave up $26.17, or 1.8 percent, to $1,365.88.

The Dow fell as much as 501 points early on, but the losses eased a bit as some winners emerged. Investors bought consumer products companies and other stocks that pay large dividends. Hormel Foods jumped $1.56, or 4.6 percent, to $35.78 and Kellogg gained $1.32, or 2.1 percent, to $64.69. Homebuilders rose a following strong quarterly report from Lennar, which gained $3.88, or 6.8 percent, to $60.97. D.R. Horton added 9cents, or 2.2 percent, to $43.83.

European stocks also fell sharply. Germany’s DAX fell 0.6 percent while the FTSE 100 in Britain slipped 0.4 percent.

Hong Kong’s Hang Seng slumped 2.2 percent with the decline accelerating in the final minutes of trading after Beijing announced specifics of its tariff hikes. Most other Asian indexes had closed before China announced its response to the U.S. tariff plans.

The biggest worry for investors is that an escalating trade war will derail a global economy that has gotten to a point where it’s largely growing in unison. The U.S. economy has been humming along with a strong job market, while Brazil just last year emerged from its punishing recession and growth in the euro area has reached its highest level in a decade. The global economy is expected to grow 3.9 percent this year, which would be its strongest showing in seven years, according to the International Monetary Fund.

But economists say a trade war would drag down growth for the U.S. and other countries in a number of ways. Barriers to trade would obviously hurt U.S. exporters. But they could also hurt U.S. companies or individuals that don’t do any exporting, if they have to pay higher costs for imported products. If the higher costs causes inflation to accelerate, central banks could be forced to raise interest rates more quickly, which would put another drag on economic growth.

Oil prices also turned lower as investors contemplated the possibility that slower economic growth will mean less demand for fuel. U.S. crude fell 92 cents, or 1.4 percent, to $62.59 a barrel in New York while Brent crude, used to price international oils, fell 91 cents, or 1.3 percent, to $67.21 a barrel in London.

The market has alternated between big losses and sharp recoveries as investors worry about the trade tensions, as well as controversies surrounding technology companies like Facebook. The S&P 500 has fallen more than 4 percent since March 1, the day President Donald Trump said he intended to place tariffs on steel and aluminum imports.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.77 percent. The price of gold jumped 0.6 percent, to $1,345.40 an ounce.

The dollar slipped to 106.30 yen from 106.61 yen. The euro rose to $1.2300 from $1.2267.

AP Business Writers Stan Choe contributed from New York and Kelvin Chan contributed from Hong Kong. </s> NEW YORK — Stocks are sinking again after the U.S. and China each announced tariffs on goods exported by the other, a move that increased investors’ worries over a trade dispute that could slow down global commerce. The Dow Jones industrial average fell as much as 501 points as industrial and large technology companies took some of the worst losses.

The Chinese government issued a $50 billion list of more than 100 U.S. goods including soybeans, the largest U.S. export to China, and aircraft targeted for a possible 25 percent tariff hike. The duties could drive up costs for companies that make airplanes and machinery as well as airlines, and automakers are targets as well. Beijing’s list reflects its sensitivity to American complaints that it pressures foreign companies to hand over technology.

The Chinese Commerce Ministry said the date the tariff hikes take effect depends on whether the U.S. actually moves to raise its duties. Late Tuesday the Trump administration outlined proposed tariffs on a similar amount of Chinese goods. It released a list of 1,300 imported Chinese products, including industrial robots and telecoms gear, to protest Beijing’s alleged theft of U.S. technology. China’s envoy to the WTO said Beijing would challenge the U.S. moves.

The S&P 500 index fell 31 points, or 1.2 percent, to 2,582 as of 9:45 a.m. Eastern time. The Dow Jones industrial average dropped 428 points, or 1.8 percent, to 23,605. The Nasdaq composite declined 85 points, or 1.2 percent, to 6,856. The Russell 2000 index of smaller-company stocks retreated 14 points, or 1 percent, to 1,497.

Industrial companies were rocked. Aerospace company Boeing shed $14.07, or 4.3 percent, to $316.75. Farm equipment maker Deere lost $7.35, or 4.8 percent, to $145.69 and construction equipment maker Caterpillar fell $4.82, or 3.3 percent, to $140.24. Large technology companies also struggled. They led the market higher throughout 2017 and 2018 but have fallen out of favor during the recent turmoil. Facebook slid $3.35, or 2.1 percent, to $152.76 and Microsoft sank $1.40, or 1.6 percent, to $88.31. Online retailer Amazon gave up $26.81, or 1.9 percent, to $1,364.85.

European stocks also fell sharply. Germany’s DAX fell 1.2 percent while France’s CAC 40 was down 0.9 percent. The FTSE 100 in Britain was 0.5 percent lower.

Hong Kong’s Hang Seng slumped 2.2 percent with the decline accelerating in the final minutes of trading after Beijing announced specifics of its tariff hikes. Most other Asian indexes had closed when China announced its response to the U.S. tariff plans. Japan’s benchmark Nikkei 225 crept 0.1 percent higher but South Korea’s Kospi slid 1.4 percent as the won weakened from the 3 ½ year high it touched against the dollar earlier this week.

After a big drop Monday and a recovery Tuesday, the S&P 500 is down more than 2 percent this week. It’s down almost 5 percent since March 1 as investors have focused on tariffs as well as controversies surrounding technology companies including Facebook.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.77 percent. The price of gold jumped 0.7 percent, to $1,347.20 an ounce.

The dollar slipped to 106.34 yen from 106.61 yen. The euro rose to $1.2295 from $1.2267.

A barrel of U.S. crude fell $1.28, or 2 percent, to $62.23 a barrel in New York while Brent crude, used to price international oils, fell $.05, or 1.5 percent, to $67.07 a barrel in London.
U.S. stocks drop by about 2 percent in light of U.S. President Donald Trump’s tariff statement yesterday concerning Chinese imports.