Volatility grips global stock markets as Trump insists on tariff ‘medicine’

Wall Street swings in and out of red as turmoil from US president's assault on world trade enters second week

• Trump threatens additional 50% tariffs on China over retaliatory levies
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Extreme volatility plagued global stock markets on Monday, with Wall Street swinging in and out of the red as Donald Trump defied stark warnings that his global trade assault will wreak widespread economic damage, comparing new US tariffs to medicine.

A renewed sell-off began in Asia, before hitting European equities and reaching the US. It was briefly reversed amid hopes of a reprieve, only for Trump to threaten China with more steep tariffs, intensifying pressure on the market.