The Dow Jones Industrial Average closed down more than 720 points, or 2.9 percent, on Thursday following President Trump's announcement of up to $60 billion in new China-specific tariffs, a response to complaints about Chinese intellectual property theft. Asian stock markets dropped sharply on Friday, too. Early Friday, China criticized the proposed tariffs and said it will impose tariffs on $3 billion worth of U.S. pork, steel pipe, fruit, scrap aluminum, and other goods in retaliation for Trump's tariffs on imported steel and aluminum. "China does not want to fight a trade war, but it is absolutely not afraid of a trade war," China's Commerce Ministry said.

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