U.S. stocks and commodities tumbled after China retaliated with higher tariffs on a range of American goods. Treasuries jumped with the Japanese yen on demand for haven assets. The S&P 500 dropped the most in four months, the Dow Jones Industrial Average slumped more than 600 points and the Nasdaq Composite saw the biggest decline of the year after China targeted some of the nation’s biggest exporters. Both Boeing and Caterpillar Inc. fell fell nearly 5%, while Apple Inc. lost 5.8%. The new penalties also took aim at American farmers, driving down soybean and cotton prices. The dollar rallied and the 10-year Treasury yield fell to the lowest level since late March. Shares briefly came off lows during Monday’s session after President Donald Trump indicated he will speak with China’s Xi Jinping at the end of June during the G-20 summit and said he has not yet decided about fresh tariffs on the remaining $300 billion in Chinese imports. Trade rattled financial markets again, with stocks sinking for the fifth time in six sessions since China’s defiance of Trump’s warning not to retaliate for his imposition of higher tariffs Friday escalated the skirmish, driving demand for havens from gold to the yen while punishing risk assets. Several banks have warned that the eruption increases the likelihood of a slowdown in global growth that would dent corporate profits.
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