Stocks on Wall Street are experiencing significant volatility as investors react to the growing uncertainty around President Donald Trump's trade war. The Dow Jones Industrial Average briefly lost over 1,700 points, surged by 800 points, and then dropped again, leaving it down by 414 points as of mid-morning.

What to Know:

• The Dow was down by 1,343 points, or 3.5%, at 9:35 a.m. ET.
• The S&P 500 saw a 3.8% drop, continuing its worst week since the start of the pandemic in March 2020.
• The Nasdaq composite fell by 4.2%.
• Global markets are also feeling the pressure, with Hong Kong stocks plunging by 13.2%, and U.S. crude oil falling below $60 per barrel.
• Trump shared a post on Truth Social early Monday, speaking to the supposed benefits of his tariff strategy, including lower oil prices and a reduction in food costs, adding that there is "NO INFLATION.
• Trump's remarks also targeted China, which responded with its own 34% tariff, escalating the trade conflict further.

Stay with Newsweek for the latest.

02:04 PM EDT

Beijing uses Reagan's words to criticize Trump's tariffs

Beijing has sharply criticized Trump's tariffs, citing a 1987 speech by the late President Ronald Reagan as a warning about the dangers of escalating trade wars. The Chinese Embassy in the U.S. shared a video clip of Reagan's remarks on social media, highlighting his warning that high tariffs lead to retaliation, increased trade barriers, and economic harm.

In the video, Reagan, a Republican, stated,...

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