Dow plunges 500 points as Trump moves to impose China tariff

Dow Jones.
(Image credit: Spencer Platt/Getty Images)

The Dow Jones Industrial Average plunged more than 500 points by noon Thursday ahead of President Trump's announcement of new China-specific tariffs. Trump said the tariffs "could be about $60 billion" and come in response to complaints that Chinese companies "force U.S. companies operating in the country to transfer technology and intellectual property rights to local business partners," CNBC writes.

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Supporters of the tariffs, like White House adviser Peter Navarro, argue they combat China's "forced transfer of intellectual property." China has responded by threatening Trump-friendly Farm Belt states with retaliatory tariffs that would target American soybean, sorghum, and live hog exports.

"This is the first of many," Trump vowed as he signed the memorandum. Watch some of the president's comments below. Jeva Lange

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Jeva Lange

Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.