CHARLOTTE -- The dow fell more than 420 points coming off it’s 5th largest drop in history, Thursday. Volatility triggered by escalating trade restrictions between the U.S. and China.

Additional tariffs and talks of a trade war could affect operations for the 44 Chinese-owned businesses employing nearly 1,600 people in the Charlotte area.

The chairman of the North Carolina District Export Council, Wayne Cooper, said the president's proposed changes to trade policies have already caused at least one manufacturer to stop expansion plans.

“Its scary as heck for an exporter or anybody in international business,” Cooper said. “And it should be scary for the ordinary tax payer."

Chinese commerce officials warned of possible tariffs on U.S. products, and legal action through the World Trade Organization, but have not imposed any yet.

"I don’t know that you should be worried,” Wells Fargo senior economist Mark Vitner said. “I think it’s something that you pay attention to because it may introduce some volatility to the financial markets. [But] any time that you introduce uncertainty in the economy stocks are likely to fall."