Washington (Dispatches) -Hours after U.S. President Donald Trump announced Thursday that new tariffs would be imposed on Chinese goods, U.S. stocks dropped dramatically.
The Dow Jones Industrial Trade Average fell by 1.05%, which amounts to 280.58 points. The drop comes after the stocks rallied earlier on in the day by upwards of 300 points. The S&P 500 fell by 26.82% and Nasdaq Composite fell by 64.30 points.
Moments prior to the final stock numbers, Trump told reporters outside the White House that he was not concerned about the drop in Dow stocks.
Early Thursday, Trump took to Twitter, saying in a series of tweets that new tariffs would be imposed on some $300 billion worth of Chinese goods, noting that the move would take effect come September 1.