The Dow was down 617 points at closing on Monday afternoon after China said it would raise tariffs on approximately $60 billion worth of U.S. imports as retaliation for extra tariffs on Chinese products.

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Trade talks in between the United States and China ended without a deal Friday afternoon. President Donald Trump announced recently he would raise tariffs on $200 billion worth of Chinese imports.

Quickly before markets opened Monday, China revealed it would implement the brand-new tariffs starting June 1.

( MORE: China announces tariff retaliation as Trump defends United States relocations)

Trump fired off a series of tweets in which he duplicated an incorrect claim that the U.S. customer does not need to spend for tariffs. In reality, tariffs would cause costs on numerous durable goods to increase.

The president also appealed to Chinese President Xi Jinping in his tweets, claiming China will be “injured really badly” if he does not make a deal.

PHOTO: A man rubs his forehead as he monitors stock prices at a brokerage house in Beijing, Monday, May 13, 2019.Andy Wong/AP
A male rubs his forehead as he monitors stock prices at a brokerage house in Beijing, Monday, May 13, 2019.

The U.S. and China had been making development toward a final trade deal but a tentative arrangement all but fell apart recently after the Chinese sought to make revisions to the offer, the White Home stated. It’s not clear when the trade agents will reunite.

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