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Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange (NYSE) on August 1, 2019 in New York City.
Photo credit: 
Drew Angerer/ Getty Images
Caption: 
Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange (NYSE) on August 1, 2019 in New York City. Following large gains earlier in the day, U.S. markets dropped sharply after an afternoon tweet by U.S. President Donald Trump announcing his plans to impose a 10 percent tariff on an additional $300 billion worth of Chinese imports. His announcement said the new tariffs will take effect on September 1.