After Chinese and U.S. officials tried to restart trade talks earlier last week, President Trump announced Friday the U.S. would impose a 10 percent
tariff on $300 billion worth of Chinese imports. The tariff will take effect on Sept. 1 and will target retail, along with other consumer goods from companies
like Apple. The news pushed the S&P 500 to its worst weekly performance of the year, and stocks fell sharply today with the Dow Jones
Industrial Average plunging 524 points and the S&P 500 dropping 2%.

China also responded to the President’s announcement by letting its currency, the Chinese yuan, sink to the weakest level in over a decade, prompting President Trump to call the move currency manipulation and making Chinese goods cheaper for overseas buyers, and ordering state-owned companies to reportedly halt their purchases of U.S.
agricultural products.