U.S. stocks tumbled the most in six weeks and Treasuries ralliedas investors shifted focus from the Federal Reserve to the threatof an escalating trade war with China that has thepotential to disrupt global growth.

The benchmark S&P 500 Index slumped the most since earlyFebruary and the Dow Jones Industrial Average lost more than 700points after President Donald Trump ordered tariffs on about $50billion in Chinese goods. The 10-year Treasury yield slid toward2.8 percent and the yen advanced as investors sought safe havens.The dollar rebounded.

“The market doesn't like trade wars, the market doesn't likethat the Fed is adamant about raising rates,” saidMatt Schreiber, president and chief investment strategist at WBIInvestments in Red Bank, New Jersey. “Yes the economy has beenpretty strong, the labor market has less slack, but there's nothingto really get fired up about and try to normalize rates to a levelway above where we are.”