Shares of technology companies were hit hard as China retaliated against the U.S. in the latest salvo of the ongoing trade war between the two countries.
The S&P 500 Index shed roughly $1.1 trillion of value while the Dow Jones Industrial Average and the Nasdaq Composite Index fell 2.38 percent and 3.41percent, respectively.
On Monday, China responded in equal measure to the U.S. raising tariffs on imports to 25%, by imposing 25% duties on some $60 billion of U.S. exports to the country.
On June 1, Beijing will impose 25% tariffs on more than 5,000 products. Several more exports to the country will see their duties rise to 20%. That’s up from 10% and 5% previously. The highest tariffs seem to be on products designed