“If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” Trump wrote on Truth Social. “Additionally, all talks with China concerning their requested meetings with us will be terminated!”

US stock markets joined the global market selloff on Monday, with S&P 500 plunging 4%. S&P 500 saw its poorest performance since the COVID-induced economic crisis in March 2020. Markets are experiencing dramatic fluctuations as investors evaluate the implications of President Donald Trump's international trade policies.

The S&P’s 9% loss since last Friday makes this stocks’ worst week since March 2020 and the fifth-worst week of the last 20 years, trailing only losses sustained in October 2008 and early 2020.