There’s nothing like a good, old trade war to cause stocks to sell off. On Monday President Trump directed the U.S. Trade Representative to prepare 10% tariffs on $200 billion worth of Chinese exports to the United States. That followed the imposition of tariffs on $50 billion of Chinese goods. China’s audacity in matching that move apparently enraged the president, who quadrupled down on his original tariffs. Another round of tit-for-tat tariffs would cover almost all of the $500 billion worth of goods the U.S. imports from China every year. Trump’s move may have pleased the basest of his base, but it threw markets for a loop. At Tuesday’s close, the Dow Jones Industrial Average DJIA, -0.17% had lost more than 600 points since last week, erasing all of 2018’s gains, while the S&P 500 Index SPX, +0.17% also fell.via