Dow Jones drops 219 points after Trump unveils China tariffs

July 11 (UPI) -- The Dow Jones Industrial Average fell nearly 220 points Wednesday as U.S. President Donald Trump unveiled new tariffs on Chinese goods.

The index closed at 24,700.45, down 219.21 points, or 0.88 percent, at the end of trading Wednesday after Trump announced 10 percent tariffs on $200 billion worth of Chinese goods as part of the ongoing trade war between the two countries.

The drop marked the end of a four-day streak of consecutive increases, the longest such trend since June 11.

The S&P 500 also fell 0.7 percent and the Nasdaq Composite dropped 0.6 percent.

Shares of Boeing and Caterpillar fell 1.9 percent and 3.2 percent, respectively, while computer chipmakers Nvidia, Intel and Advanced Micro Devices each fell more than 1.5 percent.

Wednesday's decline brought the Dow into territory to break even for the year, while the Nasdaq was up 12 percent for the year and the S&P 500 was up 4 percent.

"It's clear the situation is escalating. At this stage of the game, you have to be concerned," Jeff Mills, co-chief investment strategist at PNC Financial Services Group, told CNN. "The mounting trade uncertainty has the potential to cause CEOs to delay investment decisions. The big risk is a deterioration of confidence."

The Dow Jones also fell 287.26 points, or 1.15 percent, last month when Trump threatened the $200 billion tariffs if China retaliated for prior fiscal penalties.