U.S. stocks fell sharply on Thursday, pressured by worries of a potential trade war and a decline in tech shares. The broader market was also pressured by a decline in bank stocks.

The Dow Jones industrial average dropped 724 points, with Caterpillar, 3M and Boeing as the biggest decliners. The 30-stock index also entered correction territory for the first time since last month, falling 10 percent from its 52-week high.

The S&P 500 fell 2.5 percent, with tech, health care and financials all falling. The Nasdaq composite pulled back 2.3 percent.

Earlier, the Trump administration unveiled tariffs designed to punish China for intellectual property theft, imposing about $60 billion in retaliatory charges.

Equities have been under pressure recently as the Trump administration ramps up a protectionist trade agenda. Earlier this month, Trump announced the implementation of tariffs on steel and aluminum imports, raising concerns about a potential trade war.

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