THE DOW JONES Industrial Average dropped 600 points on Thursday after President Trump announced $60 billion in tariffs on China.

Tariffs which could add as much as $60 billion to the cost of goods imported into the United States from China were signed into law Thursday by President Donald Trump. The levy was intended to punish China for various economic offenses that the president felt that put the U.S. at a competitive disadvantage.

China, in turn, warned that it would respond with “all necessary measures” in what may turn out to be a trade war between the world’s two largest economies. Wall Street’s response was a bit jittery as the Dow Jones Industrial Average fell 600 points on Wall Street.

In another flare-up involving President Trump, he and former Vice President Joseph Biden are involved in a war of words. It began on Tuesday when Biden said that in high school he would have “beat the hell” out of Trump for disrespecting women. The president responded on Thursday morning that Biden would “go down fast and hard, crying all the way.”