U.S. stocks tumbled the most in six weeks and Treasuries rallied as investors shifted focus from the Federal Reserve to the threat of an escalating trade war with China that has the potential to disrupt global growth.

The benchmark S&P 500 Index slumped the most since early February and the Dow Jones Industrial Average lost more than 700 points after President Donald Trump ordered tariffs on about $50 billion in Chinese goods. The 10-year Treasury yield slid toward 2.8 percent and the yen advanced as investors sought safe havens. The dollar rebounded.

“The market doesn't like trade wars, the market doesn't like that the Fed is adamant about raising rates,” said Matt Schreiber, president and chief investment strategist at WBI Investments in Red Bank, New Jersey. “Yes the economy has been pretty strong, the labor market has less slack, but there's nothing to really get fired up about and try to normalize rates to a level way above where we are.”