As Tensions with China Escalate, Stock Market Plunges 767 Points

The stock market plunged Monday, with the Dow Jones Industrial Average down 900 points before coming back slightly and ending the session 767 points lower. It’s the worst day for the stock market in 2019 and the China tariff war is at the center of the free fall, according to Fox Business Network.

The selling started late Sunday, as tensions with China escalated over tariffs and the People’s Bank of China, the country’s central bank, allowed the yuan currency to weaken. The Chines bank then blamed the fall in its currency fall on Trump, issuing a statement saying the “unilateralism and trade protectionism measures and the imposition of increased tariffs on China,” as reported by The New York Times.

The currency sunk to an 11-year low. This isn’t the first time. For years analysts have reported that Beijing is manipulating its currency to target the U.S. or opponents of its market.

Moreover, President Trump tweeted Monday that “Based on the historic currency manipulation by China, it is now even more obvious to everyone that Americans are not paying for the Tariffs – they are being paid for compliments of China, and the U.S. is taking in tens of Billions of Dollars!”

For more on this story go to Fox Business Network.