Wall Street had its worst day of the year on Monday, with the Dow Jones Industrial Average sinking 766 points, the S&P 500 down 2.98%, and the Nasdaq Composite down 3.47%.

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Data: FactSet; Chart: Axios Visuals

What's happening: Equity declines in the U.S., as well as the plunge in Treasury yields, reflect fears that President Trump's trade war with China is escalating.

  • The sell-off started on Thursday and continued on Friday after Trump announced a 10% tax on the remaining $300 billion worth of imports from China.
  • On Monday, China retaliated by allowing the yuan to weaken past 7-to-1 against the dollar, while also announcing that it would halt purchases of U.S. agricultural products.
  • The S&P 500 closed about 5% below the record high seen on July 12th.

Go deeper: Experts worry that the China trade war could go on for decades

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