US: Dow slides over 800 points amid trade war concerns

By Michael Hernandez

WASHINGTON (AA) - All three major stock indexes were down Monday with the Dow Jones industrial average plummeting over 800 points after China devalued its currency to a more than10-year-low.

The Dow fell as much as 823, or more than 3% as the S&P 500 shed 92 points and the Nasdaq Composite dropped more than 300 points.

The massive sell-off follows China's decision Monday to allow the Yuan to slide to below seven to the dollar in response to U.S. President Donald Trump's threat to impose an additional 10% tariffs on $300 billion in Chinese goods unless a trade deal is reached by September.

The new import duties will be on top of 25% tariffs the U.S. already imposed on $250 billion in Chinese goods.

Financial markets have plunged following Trump's announcement Thursday, but fell precipitously after China's announcement.

Trump accused accused Beijing on Monday of currency manipulation.

"China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the U.S. with unfair trade practices and currency manipulation," he wrote on Twitter as markets declined. "So one-sided, it should have been stopped many years ago!"

The ongoing trade war between the world's top two economies has sent shockwaves through global markets as a trade deal remains highly elusive.