U.S. President Donald Trump has escalated trade tensions, today threatening additional 50% tariffs if China doesn't withdraw its 34% retaliatory duties by tomorrow. Global markets tumbled, with Hong Kong's Hang Seng suffering its worst single-day drop since 1997, plummeting 13.2%. U.S. and European indexes saw significant declines, with the S&P 500 dropping 4% and approaching bear market territory. Despite the turmoil, Trump remained defiant on social media, urging Americans not to be “panican” while European Commission President Von der Leyen warned of “immense costs” to U.S. consumers and the global economy.