Dow falls nearly 200 points as US-China trade wars intensify

By Paul R. La Monica

(CNN Money) -- Stocks sank after President Trump announced $50 billion in new tariffs on Chinese imports Friday, escalating worries about a trade war between the United States and China.

China immediately responded with tariffs of its own, which could hurt US businesses.

The Dow fell more than 175 points, led lower by big multinational companies, including Apple, Boeing, Caterpillar and Nike -- all of which generate a significant chunk of sales from China.

There are also growing concerns about President Trump's trade policies with other nations. The White House has imposed tariffs on steel and aluminum imports from Canada, Mexico and the European Union.

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