Summary

Donald Trump defended his sweeping new tariffs—including a 104% levy on Chinese goods—despite market turmoil and a historic sell-off in U.S. Treasuries.

Speaking to Republicans, he claimed manufacturing is returning to the U.S., repeating, “I know what the hell I’m doing.”

China responded with an 84% tariff on U.S. goods, intensifying a trade war that tanked global markets.

The S&P 500 nears bear territory, and JPMorgan raised global recession odds to 60%. Critics warn of inflation, declining investor confidence, and deepening economic instability.