>> Escalating tensions on Monday between the White House and two giants. One geopolitical, the other corporate, undermining investor confidence on Wall Street. Stocks crumbled across the board with the future health and security of the US economy thrown into question. Beijing throwing the latest jab, had slapped tariffs on 128 US goods.
From pork, to wine, to fruits and nuts, and Reuters correspondent David Lauder's says, concern is growing over a full fledged trade war.>> These are potentially the first shots of a trade war between the United States and China, really a response to the US tariffs put on steel and aluminum I think what the market is concerned about is that we have several rounds of tit-for-tat retaliation between the United States and China.
And that what you start to see is a major reduction in trade between the two countries and many other countries as well. That you start to see this really putting a huge dent into global growth, and hasten, sort of hasten, the end of the economic cycle, and potentially push us into recession.
>> Trump is expected to hit China with more firepower later this week, with additional tariffs on 50 to 60 billion dollars worth of Chinese technology imports. And while acrimony grows with the largest US trading partner, Trump is also picking a fight with America's biggest online retailer. Taking to Twitter again Monday to blast Amazon, tweeting quote, only fools or worse are saying that our money losing post office makes money with Amazon.
They lose a fortune and this will be changed. What action, if any, that Trump could take against Amazon is not clear, but that hasn't stopped investors from dumping the stock. Amazon losing nearly 6% on Monday leading an overall tech retreat. Stocks closing the day below where they started the year as investors feel the ground and the rules shifting beneath them.