NEW YORK — Stocks dropped 3 percent on Wall Street, their worst drop of the year, as China counters Trumps' tariffs with cheaper currency.
China let its currency sink to the lowest level in more than a decade, escalating its trade war with the U.S.
The Dow Jones Industrial Average sank 800 points Monday, or 3%, its worst drop of the year.
Technology companies and banks fell the most. Apple and Bank of America each fell 5%.
Bond prices soared, sending yields sharply lower, as investors sought safety.
China’s central bank allowed the yuan to sink below seven per dollar. Investors are concerned that Beijing is using its currency as a weapon in its trade skirmish with Washington.
This is a developing story. Refresh this page for updates.
The Associated Press contributed to this story.
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