U.S. stocks took heavy losses Thursday over growing fears of a trade war triggered by President Trump Donald John TrumpBubba Wallace to be driver of Michael Jordan, Denny Hamlin NASCAR team Graham: GOP will confirm Trump's Supreme Court nominee before the election Southwest Airlines, unions call for six-month extension of government aid MORE’s announcement of tariffs on China.

The Dow Jones industrial average ended Thursday down 722 points, a 2.9 percent drop. The index briefly fell into correction territory, 10 percent below its 52-week high, before the closing bell.

The Nasdaq fell roughy 2.4 percent, while the Standard and Poor’s 500 index slid 2.5 percent. It was the worst day for U.S stocks since Feb. 8, when the Dow lost 1,033 points amid a massive sell-off.

Wall Street has been rattled by a series of political shocks that investors fear could roil the world economy. Trump announced Thursday he'd impose up to $60 billion in new tariffs on China meant to curb intellectual property theft from U.S. businesses.

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Trump called China a “friend” but demanded the world’s second-largest economy adopt more favorable trade practices with the U.S.



“We want reciprocal, mirror,” Trump said. “If they charge us, we charge them the same thing. That’s the way it’s gotta be.”



Trump said the tariffs "could be about $60 billion," hours after his own advisers said the number would be closer to $50 billion.

The plan exacerbated investor fears that the White House would trigger a trade war that would derail economic growth.

Shares in major U.S. exporters, including Boeing and Caterpillar, dropped over fears of retaliation from American trading partners and allies. Financial stocks also fell 3.7 percent as banks took heavy losses.

Trump’s new round of tariffs has drawn less opposition from GOP lawmakers and business groups than the taxes on imported aluminum and steel the president announced earlier in March.

U.S. allies are scrambling to gain exemptions from the sweeping steel and aluminum tariffs that are set to take effect on Friday.

U.S. Trade Representative Robert Lighthizer Robert (Bob) Emmet LighthizerWhiskey, workers and friends caught in the trade dispute crossfire GOP senator warns quick vote on new NAFTA would be 'huge mistake' Pelosi casts doubt on USMCA deal in 2019 MORE said he is in talks with the European Union, South Korea, Argentina and Australia about how to win exclusions from 25 percent tariffs on steel imports and 10 percent tariffs on aluminum imports.

Technology stocks have also been battered this week, amid a controversy over the misuse of 50 million Facebook users' data. Shares of tech companies roughly more than 2.7 percent Thursday, while Facebook extended its losses by another 3 percent.

Facebook’s stock price has fallen roughly 10 percent — about $20 per share — since Monday. The company is under fire from U.S and British officials after The New York Times revealed that Cambridge Analytica, a data firm that worked on the 2016 Trump campaign, used personal data from millions of Facebook users for unauthorized political purposes.

Lawmakers in the U.S. and United Kingdom have called on Facebook CEO Mark Zuckerberg Mark Elliot Zuckerberg2.5 million US users register to vote using Facebook, Instagram, Messenger Hillicon Valley: Trump's ban on TikTok, WeChat in spotlight | NASA targeted by foreign hackers | Instagram accused of spying in lawsuit The Hill's Morning Report - Sponsored by The Air Line Pilots Association - Trump contradicts CDC director on vaccine, masks MORE to appear for questioning before Congress and Parliament, and Bloomberg News reported Tuesday that the Federal Trade Commission is probing whether the company violated a 2011 consent order on data use.

The scrutiny facing Facebook has spurred calls for regulators to crack down on tech companies and the way they obtain, use and sell user data.

Updated at 4:07 p.m.