Trade war fears rocked Wall Street on Thursday after President Trump launched a crackdown on China. "A global trade war, whether it's real or perceived, is what's weighing on the market," said Ian Winer, head of equities at Wedbush Securities. Wall Street's biggest fear is a trade war, according to a recent survey of fund managers by Bank of America Merrill Lynch. Initial concerns about Trump's tariffs on aluminum and steel relaxed after the administration softened its stance by offering exemptions for Canada and Mexico. The United States later granted tariff exemptions for major allies like the European Union, South Korea and Australia.

Source: CNN March 22, 2018 13:36 UTC