Updated at 4:19 p.m. ET
China is imposing new retaliatory tariffs on $60 billion worth of U.S. goods, days after the Trump administration said it would impose higher tariffs on $200 billion in Chinese goods. The latest tit-for-tat exchange comes as trade talks have failed to yield a deal.
U.S. stock prices plunged on the news. The Dow Jones Industrial Average closed down 617 points Monday, or 2.4%, and the Nasdaq composite fell 3.4%.