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An aerial view of the New York Stock Exchange's trading floor. Photo: Getty Images

The Dow closed down 328 points Monday, following news that President Trump plans to further crack down on Chinese investment in major U.S. tech companies by blocking additional technology exports to Beijing.

Yes, but: Trump's trade adviser Peter Navarro told CNBC that the market overreacted to the news, adding: “There’s no plans to impose investment restrictions on any countries that are interfering in any way with our country. This is not the plan.”

By the numbers, per WSJ: "[The Dow] lost as many as 497 points before paring declines to trade down 412 points, or 1.7%, at 24169. The S&P 500 fell 1.7%, while the tech-heavy Nasdaq Composite lost 2.5%, heading toward its biggest one-day decline since March."

The backdrop: Treasury Secretary Steven Mnuchin, on Twitter, characterized published reports about the crackdown as "fake news," and said that restrictions will apply to other countries, too. Meanwhile, Chinese President Xi Jinping told American and European multinational chief executives that Beijing will “punch back,” at the U.S. for its latest actions.

Go deeper

Trump threatens to veto Defense spending bill over social media shield

Photo: Erin Schaff - Pool/Getty Images

President Trump tweeted Tuesday a threat to veto a must-pass end-of-year $740 billion bill defense-spending authorization bill unless Congress repeals a federal law that protects social media sites from legal liability.

Why it matters: Trump's attempt to get Congress to end the tech industry protections under Section 230 of the Communications Decency Act is the latest escalation in his war on tech giants over what he and some other Republicans perceive as bias against conservatives.

The walls close in on Trump

Photo: Tasos Katopodis/Getty Images

With Bill Barr's "Et tu, Brute!" interview with AP, President Trump is watching the walls close in on his claims of fraud, hoaxes and conspiracies.

Why it matters: Trump and his legal team continue to claim election fraud. But the Republican governors of Arizona and Georgia have certified their elections, a loyalist like Barr has weighed in, and lower-ranking officials have taken potshots.

Congress plots COVID pandemic-era office upgrades

oving crates outside Rep. Elise Stefanik's old office Tuesday. Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images

The House plans to renovate members' suites even though staff are worried about an influx of contractors and D.C. is tightening restrictions on large gatherings, some staffers told Axios.

Why it matters: The Capitol has been closed to public tours since March. Work over the holiday season comes as U.S. coronavirus cases spike, Americans beg for more pandemic assistance and food lines grow.