Dow plunges 300 points on China trade worries

Dow plunges 300 points on China trade worries
© Getty Images

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 TrumpStowaway found in landing gear of plane after flight from Guatemala to Miami Kushner looking to Middle East for investors in new firm: report GOP eyes booting Democrats from seats if House flips MORE and Chinese President Xi Jinping would not be held until after a crucial March 1 deadline.

ADVERTISEMENT

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 MnuchinMajor Russian hacking group linked to ransomware attack on Sinclair: report The Hill's Morning Report - Presented by Alibaba - Biden jumps into frenzied Dem spending talks Former Treasury secretaries tried to resolve debt limit impasse in talks with McConnell, Yellen: report 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.