Dow falls 1,000 points at open, S&P, Nasdaq 3% as China imposes retaliatory tariffs on US

US markets plummeted on Friday, driven by escalating trade tensions as China announced additional tariffs on US goods. The Dow, S&P 500, and Nasdaq saw sharp declines. Attention turns to Fed Chair Powell's upcoming speech for insights on interest rate adjustments amid heightened inflation concerns and economic uncertainty.