In turn, the markets responded negatively to the news, sending the Dow into the red for the fifth straight day.  As such, ETFs that track the Dow were also in the red–SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) was down 0.69%, ProShares Ultra Dow30 (NYSEArca: DDM) was down 1.39% and ProShares UltraPro Dow30 (NYSEArca: UDOW) was down 2.9%.

Related: Dow Sinks 200 Points after Trump Imposes Tariffs on China

“There are many problems with tariffs. First and foremost is that they benefit far fewer people than they harm,” said Ed Yardeni, president and chief investment strategist at Yardeni Research. “They are intended to boost employment in the industries that benefit from such protectionism, but they immediately raise prices of the protected goods for all consumers.”

For more equity-related ETF news, click here.