(Photo by Xinhua/Sipa USA)

Stocks Plunge As Amazon Tumbles, Trade Tensions Increase Between U.S. & China

April 02, 2018 - 4:35 pm

NEW YORK (1010 WINS) -- Stocks took a beating Monday as the markets reacted to a looming trade war between the United States and China, and President Trump's war against Amazon.com.

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The Dow fell sharply and at one point dropped more than 700 points after the Chinese government announced new tariffs on about $3 billion worth of U.S. imports on 128 products ranging from pork, fruit and steel pipes.

The Dow closed the daw down 458 points.

The tariffs come after President Trump's decision to impose tariffs on about $50 billion worth of Chinese-made products, along with steel and aluminum.

Trump's anti-Amazon tweets are also likely worrying investors. The president tweeted that the post office is losing money because of Amazon.

Amazon shares closed down 5.21 percent Monday.