Dow closes down over 600 as Trump, China argue over tariffs

A trade deal between the U.S. and China has been scuttled.

Shortly before markets opened Monday, China announced it would implement the new tariffs starting June 1.

Trump fired off a series of tweets in which he repeated a false claim that the U.S. consumer does not need to pay for tariffs. In reality, tariffs would cause prices on many consumer goods to increase.

The president also appealed to Chinese President Xi Jinping in his tweets, claiming China will be "hurt very badly" if he doesn't make a deal.

The U.S. and China had been making progress toward a final trade deal but a tentative agreement all but fell apart last week after the Chinese sought to make revisions to the deal, the White House said. It's not clear when the trade representatives will meet again.