Stocks tumbled for a second-straight day after China imposed a 34% tariff on U.S. imports, raising concerns of a global trade war and possible recession.

The Dow Jones Industrial Average plunged 2,231.07 points, or 5.5%, while the S&P 500 and Nasdaq Composite fell 5.97% and 5.82%, respectively. The Nasdaq entered into bear market territory on Friday.

The new China tariffs against the U.S. will go into effect on April 10, according to The Wall Street Journal. The 34% tariffs announced against China on Wednesday come in addition to the 20% tariffs already imposed against the country by the Trump administration.

U.S. stocks tumbled on Thursday after President Donald Trump announced his latest plan for tariffs, sparking fears of a global trade war.... Read More: FOX Business