- European Stocks crashed on Monday after China's currency hit an 11-year low, in retaliation for Trump's added tariffs.
- Stocks that were tied to China took a major hit. Here are five of some well-known stocks that plunged on Monday.
- View Markets Insider for more stories.
Major consumer brands like L'Oreal, Adidas and Louis Vuitton are crashing, as brands that are heavily tied to China suffer on the yuan's decline.
China's central bank on Monday let the currency fall to an 11-year low against the dollar, in what many saw as retaliation for Trump increasing tariffs last week.
Global stock markets crashed on the news. The S&P 500 is down about 2.1%, following a plunge among indexes in Europe and Asia.
A falling yuan will lead to a big decline in the purchasing power of Chinese consumers, who, according to the Wall Street Journal, account for a third of luxury goods spending globally. In other words, Chinese tourists have less to spend abroad, and brands may have to decide whether to raise prices in mainland China.
European companies that are heavily tied to China have suffered in the markets.
Here are five well-known stocks that took a hit:
