The markets responded negatively to the latest news of U.S. President Donald trump imposing a 25 percent tariff on up to $50 billion in Chinese goods by plunging over 200 points at the open.

The measures by the Trump administration will affect Chinese goods “that contain industrially significant technologies” and that the action comes “in light of China’s theft of intellectual property and technology and its other unfair trade practices,” said Trump in a statement. In addition, Trump announced that the imposition of further tariffs could be on the horizon should China retaliate with tariffs of their own on American products, such as crops.

Related: Jamie Dimon: Tariffs Aren’t the Way to Go

A United States Trade Representative said the tariffs are set to begin on 818 items worth about $34 billion on July 6. Moreover, additional tariffs that affect  284 products totaling almost $16 billion could take effect after a review and public comment process.

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