(Reuters) – U.S. stocks slumped on Monday, with the blue-chip Dow Jones Industrial Average falling over 350 points, after President Donald Trump shocked investors by threatening to hike tariffs on Chinese goods this week, sparking a flight from riskier assets.

Trump said on Sunday tariffs on $200 billion worth of Chinese goods would increase to 25% from 10%, reversing a decision he made in February to keep them at 10% as the two sides made progress on trade talks.

China said on Monday a delegation is still preparing to go to the United States, but did not mention if Vice Premier Liu He, China’s lead official in the negotiations, will be part of the delegation as originally planned.

The tariff threat rekindled fears of a