North American stock markets plummeted Friday after President Trump angrily told businesses to “immediately start looking for an alternative to China,” although it’s unclear what authority he has to make this happen. China ratcheted up the trade war this week by announcing tariff hikes on US$75 billion of American goods including some agricultural products, crude oil and small aircraft in retaliation to US tariffs. China will also boost import duties on U.S.-made autos and auto parts. The Toronto index fell 215, the Dow dropped 624 and the NASDAQ 239.
