US stocks plunge after China announces countermeasures against US tariff plan

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US stock market plunged on Wednesday after China announced countermeasures against US tariff plan.

Dow has dropped nearly 500 points, the S&P 500 dropped 1.4 percent and the Nasdaq Composite Index was down 1.5 percent as fears of trade disputes rise.

China earlier announced that it will impose additional 25 percent tariffs on 106 US products including soybeans, automobiles, and chemical products after US published a proposed list of 1,300 Chinese products subject to additional tariffs under Section 301 investigation.