China fired a missile across the bow of the Trump Administration early Wednesday morning when news came out said Beijing was looking to cut back on buying US treasuries.

The Bloomberg headlines below sent US markets cratering:

– CHINA OFFICIALS ARE SAID TO VIEW TREASURIES AS LESS ATTRACTIVE.

– CHINA OFFICIALS SAID TO RECOMMEND SLOWING OR HALTING TSY BUYINGUS treasury yields soared as prices fell on the news that China, which holds $1.2 trillion in notional US debt, after the Trump administration said it will crackdown on trade disputes between the countries.

US stock futures show the Dow Jones is down more than a 100 points on the news.

Under Trump’s tax plan Treasury planned to issue an addition $1 billion in debt to fund the cutbacks. With this news, China is telling the White House it will not help fund the tax-cut program, while being bashed by the administration over trade disputes.