Trump's Statement Sent Stock Market Crashing by $450 Billion

The trade standoff between Washington and Beijing is escalating. Donald Trump stated that the United States could halt trade with China in several sectors due to the latter's reluctance to import American agricultural products. According to the White House incumbent, Beijing's refusal to purchase U.S.-grown soybeans, which creates hardship for local farmers, is an act of economic hostility.

Trump's statement had a negative impact on the U.S. stock market. Within minutes of the American president's announcement, the market tumbled by $450 billion.