As the US and China's trade war intensified, the major stock indexes in New York fell sharply.

On the New York Stock Exchange, the Dow Jones 30 Industrial Average closed at 25,628.90, down 623.34 points.

The Standard and Poor's 500 Index closed at 75.84 points at 2,847.11, while the tech-focused Nasdaq Index closed at 7,751.77, down 239.62 points.

Local media analyzed that China's announcement of tariffs on US $ 75 billion worth of US-made goods raised concerns about the economic recession caused by prolonged trade wars, as President Trump responded with a hard-line response to tackle retaliatory tariffs.

Also, local media say that Jerome Powell's Federal Reserve Chairman failed to comment on the rate cuts the market expected in his policy speech.