Dow falls more than 800 points Monday
(CBS 58) -- China says it's stopped companies from buying U.S. agricultural products.
The Chinese Commerce Ministry announced the move Monday after President Trump said he plans to place new tariffs on Chinese-made goods in September.
China used to be one of the biggest markets for U.S. soybean farmers, but it stopped purchases of American soybeans last summer in retaliation to the president's tariffs.
The Chinese government also devalued its currency to its weakest level against the U.S. dollar in more than a decade. It ignited fear on Wall Street that a currency war is next.
Investors saw steep drops on Wall Street on Monday. The Dow fell below 26,000 points for the first time since June. Investors say days like this always bring a shock to the system.
"For many investors that might be looking at the market and thinking 'Oh wow how much is my portfolio down?', I think the reality for many investors is they're not strictly invested in stocks so they're not completely down by much but at the same time seeing that kind of move is a big deal," says Kyle Tetting, Director of Research, Landaas & Company.
The index tumbled throughout the day, at one point losing more than 950 points.