Global markets plunged after Trump vowed to continue with aggressive tariffs, according to The Wall Street Journal. President Trump defended the tariffs as necessary, saying, "You have to take medicine to fix something." Stock futures for major U.S. indexes dropped over 2% early Monday, and the S&P 500 is nearing bear market territory. The VIX, Wall Street's "fear gauge," surged to levels seen during the Covid-19 crash and 2008 financial crisis. Global markets tumbled as trade-reliant Asian economies saw sharp stock declines. European markets also dropped, and Bitcoin and oil prices fell steeply. Investors fled to Treasurys, sending yields down and pricing in five or more Fed rate cuts this year.
