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By Tanner Brown / May 06, 2019 09:51 AM / Economy

China stocks plunged on Monday, the first day of trade after a long holiday, following reports that trade talks with the U.S. had taken a negative turn.

The Shanghai Composite Index opened down 3.04% at 2,984.73, while the Shenzhen Component Index started the day 3.98% lower than its previous close, at 9,289.74.

Shenzhen’s tech-focused ChiNext was down 4.44% at 1,551.72.

The market’s dour opening comes after U.S. President Donald Trump threatened China with higher tariffs, with Bloomberg citing a lack of progress in trade talks.

Related: Chart of the Day: Stock Investors Borrow More in the Bull Market

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