(Reuters) – Wall Street’s main indexes fell more than 2% on Monday after Beijing announced plans to retaliate with higher tariffs on U.S. goods, raising fears that another round of tit-for-tat measures could push the U.S. economy toward recession.

At the center of the selloff were shares of technology companies including chipmakers, manufacturing giants and retailers that are exposed to China.

The “FAANG” group of stocks – Facebook Inc, Amazon.com Inc, Apple Inc, Netflix Inc and Google parent Alphabet Inc – fell between 1.7% and 5%.

China’s finance ministry said on Monday it planned to impose tariffs ranging from 5% to 25% on 5,140 U.S. products on a target list worth about $60 billion from June 1, striking back after U.S. raised duties last week.