NEW YORK, April 2 (Xinhua) -- U.S. stocks traded lower on Monday, the first trading day in April, as investors were digesting the latest developments of trade relations between China and the United States.
At midday, the Dow Jones Industrial Average lost 244.31 points, or 1.01 percent, to 23,858.80. The S&P 500 decreased 40.08 points, or 1.52 percent, to 2,600.79. The Nasdaq Composite Index was down 142.49 points, or 2.02 percent, to 6,920.95.
China suspended tariff concessions on 128 items of U.S. products including pork and fruits starting Monday, according to the Ministry of Finance.
The Customs Tariff Commission of the State Council has decided to impose a tariff of 15 percent on 120 items of products imported from the United States including fruits and related products, and a tariff of 25 percent on eight items of imports including pork and related products from the country, according to a statement posted on the ministry website.
The statement said it was a countermeasure in response to a previous U.S. move to slap tariffs on steel and aluminum imports.
Despite worldwide objections, the U.S. administration decided to impose a 25-percent tariff on steel imports and a 10-percent tariff on aluminum, with tariffs on imports from countries including China.
In corporate news, shares of Amazon slumped nearly 5 percent on Monday after U.S. President Donald Trump tweeted on Saturday that Amazon was scamming the U.S. Postal Service, adding the service loses "billions of dollars" delivering packages for the e-commerce giant. Enditem
