Stocks fell sharply on Tuesday after President Donald Trump’s latest threat to China increased fears of an impending trade war between the world’s largest economies.

The Dow Jones industrial average fell 400 points, with Boeing, DowDuPont and Caterpillar as the worst-performing stocks in the index. The 30-stock index also erased all of its gains for the year.

The S&P 500 dropped 1 percent, with materials, industrials and tech all falling more than 1 percent. The Nasdaq composite dropped 1.2 percent.

“At some point you’ve got to wonder how many times stocks are going to react to the same general bit of news. It may all just be a game of one-up-manship as a negotiating tactic to get to some sort of deal,” said Willie Delwiche, investment strategist at Baird. However, “with investor optimism as high as it is, there might not be much margin for error, and there is a real risk that this starts to erode consumer and business confidence.”

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