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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%.

Expand chart
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

Go deeper

Ben Geman, author of Generate
2 hours ago - Energy & Environment

Colonial pipeline hack: Key takeaways from Biden's first energy crisis

Illustration: Shoshana Gordon/Axios

Restoration of the Colonial Pipeline, the huge East Coast gasoline artery, is the beginning of the end of a crisis that prompted a White House logistical and political scramble.

Catch up fast: Late Wednesday afternoon Colonial began restart of the 5,500-mile line that shut down nearly a week ago after a ransomware attack.

New Jan. 6 body camera footage shows Trump supporters attacking officer

New body camera footage obtained by CNN shows the moment a DC police officer was brutally attacked by Trump supporters during the Capitol Hill insurrection.

Driving the news: The release of video comes a day after Republican members of Congress sought to downplay the Jan. 6 events, with some lawmakers calling the rioters "peaceful patriots" and comparing them to tourists.

Mike Allen, author of AM
4 hours ago - Politics & Policy

Liz Cheney's plan to take on Trump

Cheney speaking to reporters after being removed as GOP conference chair yesterday. Photo: Kevin Dietsch/Getty Images

Rep. Liz Cheney (R-Wyo.) plans to make her purge the beginning of a new movement, with campaign travel, fundraising and speeches to challenge Donald Trump for ideological dominance of the GOP.

Driving the news: Sources in Cheney's camp tell me her message will be the importance of the truth, the need to move past Trump, and a push to articulate conservative policy and substance to combat Democrats.