Article snippet: Markets dropped precipitously on Friday amid fears of a growing trade war between the United States and China. The Dow Jones Industrial Average fell more than 700 points as White House press secretary Sarah Huckabee Sanders insisted years of Chinese policies were to blame for the tit-for-tat tariffs imposed by the world’s largest two economies against one another were. The Dow recovered slightly before the end of the trading end, falling 572 points. Trump administration officials insisted there was no trade war even as trade groups in Washington and GOP lawmakers expressed alarm at the back and forth. “We are not in a trade war,” insisted White House chief economic advisor Larry Kudlow, who before joining the administration served as a longtime CNBC host and was seen as a free-trade advocate. “What this is is an attempt to right some of the wrongs with respect to China,” he said. The sense that the trade war was intensifying mounted Thursday when MORE surprised observers by announcing a possible expansion of U.S. tariffs on Chinese goods by $100 billion. Trump had previously announced $50 billion in tariffs on Chinese goods as a response to intellectual property concerns in China, and $3 billion in tariffs on aluminum and steel imports. “It makes us nervous, for sure,” said Aaron Low, senior vice president of regulatory and government affairs at the Auto Care Association, a group that advocates on behalf of the auto repair industry. China has already announced ... Link to the full article to read more