North American stock markets plunged Thursday as President Trump announced tariffs on Chinese goods that might amount to $60 billion US. The plan intends to limit Chinese imports and as well as its investment in the US in retaliation for years of alleged intellectual property theft. The White House said the actions were necessary to counter unfair competition from China’s state-led economy. It said years of talks had failed to produce change. China said it was ready to retaliate with “necessary measures”. Beijing also said it would “fight to the end” in any trade war with the US. The Dow Jones ended the day at 23,957.89, a fall of 2.9% or 724.42 points making it the fifth biggest points fall ever. Toronto’s TSX fell some 275 points in sympathy.
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