Markets fell on Thursday.
The S&P 500 plunged 2.5 percent to close 8 percent below its all-time high and turning negative for the year.
Elsewhere, the STOXX Europe 600 tumbled 1.6 percent and the Shanghai Composite fell 0.5 percent.
Markets were rocked by an announcement that US President Donald Trump had instructed the office of the US Trade Representative to draw up a list of tariffs on Chinese products totalling up to US$60 billion.
China did not take long to respond. On Friday morning, China announced plans to impose tariffs on up to US$3 billion of US imports.
Investors are bracing for more market turmoil.
“I guess I wouldn't buy here,” said Jack Ablin, CIO at Cresset Wealth Advisors.
Compared to the market in February, Scott Redler, partner with T3Live.com, said: “Now the market feels worse.”
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