BOLDUAN: Welcome back, everybody. Yesterday was the worst single day for U.S. stocks in the entire year. What's behind all of it? At its core, it's the trade war with China. The latest move is China is now barring companies from buying U.S. agriculture products. It also dropped the value of its currency to its lowest level against the dollar in more than a decade, which prompted Washington to label China a currency manipulator. Today, stock markets are struggling right now to recover. You see the Dow right now as the trade war sees absolutely no end in sight. CNN's Alison Kosik is joining me now from the New York Stock Exchange for more perspective on exactly what we're looking at. Alison, what are you hearing today?</s>ALISON KOSIK, CNN BUSINESS REPORTER: Kate, this is exactly what a trade war looks like and this is sort of what everybody was sort of worried about when you see one side take one action, the other side retaliates. We saw that triggered when President Trump announced the final tranche of tariffs on $300 billion of Chinese goods going into effect September 1st. that originally happening because the Chinese pulling back on making those agriculture purchases. Something very crucial to Trump, crucial to his -- politically crucial to getting him re- elected. That's why you saw Trump come out with that announcement about those new tariffs. The problem is we saw China go ahead and fight back hard, devaluing the yuan. Then we see the U.S. hitting back, calling it a currency manipulator. It's exhausting and no end in sight -- Kate?</s>BOLDUAN: Absolutely. Alison, thank you so much for that. We're keeping a close eye.
Stocks Spooked as China Defied Trump, Halts U.S. Agricultural Purchases & Drops Value of Currency.