US stocks plummeted Monday, tracking a drop in Asian and European markets.
Stocks dropped after China said it would raise tariffs on some US goods beginning June 1.
The trade spat is escalating after the US on Friday increased duties on some Chinese goods and threatened further action.
US stocks tumbled on Monday after China announced plans to retaliate against the duty increases that the US imposed last week on Chinese goods, heightening fears of a prolonged trade war between the two nations.
Heavy selling pushed all three of the major US averages down by at least 2.3%, with the Nasdaq Composite trading lower by 3.4% to pace the decline. The Dow Jones Industrial Average fell by more than 700 points at its low.
Uber’s stock, which slumped about 8% during the ride-hailing group’s first day of trading on Friday, dropped another 10.66%.
Shares in technology companies which import components from China and export finished products…