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Stocks suffer worst drop of 2019 as trade war with China intensifies

China responded to Trump's latest tariff threat with defiance, letting its currency drop to its lowest level against the dollar in more than a decade.
Credit: AP
FILE - In this April 11, 2019, file photo trader John Panin works on the floor of the New York Stock Exchange.

It was a rough day on Wall Street again Monday amid worries about how much President Donald Trump's worsening trade war will damage the economy.

Stocks dropped 3% on Wall Street, their worst drop of the year, as China countered Trumps' tariffs by letting its currency, the yuan, drop to its lowest level against the dollar in more than a decade.

In total, The Dow Jones Industrial Average dropped 767.27 points. At one point during the day it had plummeted down as much as 961 points. 

RELATED: China stops the purchase of U.S. agricultural products, Commissioner Nikki Fried says it's bad for Florida

RELATED: How Trump's latest China tariffs could squeeze US consumers

Additionally, the S&P 500 was headed for its worst drop since late last year, when the market was wrapped in the throes of recession fears.  

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