Dow plunges 300 points on China trade worries

Dow plunges 300 points on China trade worries
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The Dow Jones Industrial Average plunged more than 300 points Thursday on news that the United States and China were making little progress in trade talks.

National Economic Council Director Larry Kudlow said on Fox Business Network that the two sides had a “pretty sizable distance” between them. 

CNBC reported, citing an unnamed administration official, that a meeting between President TrumpDonald John TrumpRosenstein expected to leave DOJ next month: reports Allies wary of Shanahan's assurances with looming presence of Trump States file lawsuit seeking to block Trump's national emergency declaration MORE and Chinese President Xi Jinping would not be held until after a crucial March 1 deadline.

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That’s the date that Trump’s tariffs on Chinese imports will automatically jump from 10 percent to 25 percent. 

A study by a pro-trade group said that such a move could lead to nearly a million lost U.S. jobs, and that number could double if China retaliates in kind.

Treasury Secretary Steven MnuchinSteven Terner MnuchinWhite House confirms new trade talks with China Hillicon Valley: Facebook weighs crackdown on anti-vaccine content | Lyft challenges Trump fuel standards rollback | Illinois tries to woo Amazon | New round of China trade talks next week On The Money: Trump declares emergency at border | Braces for legal fight | Move divides GOP | Trump signs border deal to avoid shutdown | Winners, losers from spending fight | US, China trade talks to resume next week MORE is expected to travel to China next week to continue negotiations.

Markets have been tumultuous since early 2017, a year that produced negative returns for stock investors. After one of the worst Decembers on record for markets, stocks came roaring back in January.