'You Have to Take Medicine,' Says Trump as Markets Plunge

US stock futures dropped further Sunday night and Monday morning, indicating Monday will continue the two-day worldwide sell-off for financial markets that started with President Trump's "Liberation Day" tariff announcement last week. Dow futures were down more than 1,110 points, just above 3%, early Monday; S&P 500 and Nasdaq futures also were down more than 3%, CNBC News reports. That puts the benchmark S&P on track to enter a bear market during the trading day.

• Asian markets also "nosedived" Monday, the AP reports. Hong Kong's main index fell 13%, while indexes in Tokyo, Taipei, and Shanghai fell in the range of 7% to 10%, per the Wall Street Journal. The Stoxx Europe 600 index fell 5%, while bitcoin and other cryptocurrencies also sank.
• The weekend saw the Trump administration standing firm on tariffs, with no announcement of successful negotiations with trading partners or a delay in implementing the tariffs, though Trump aides said more than 50 countries have reached out regarding negotiations to remove the tariffs, the AP reports.

• Still, Trump himself said Sunday he has no plans to back down. "I spoke to a lot of leaders, European, Asian, from all over the world," he told reporters aboard Air Force One. "They're dying to make a deal. And I said, we're not going to have deficits with your country. We're not going to do that, because to me a deficit is a loss. We're going to have surpluses or at worst, going to be breaking even." He specifically called out China, Fox News reports. "We have a $1 trillion trade deficit with China. Hundreds of billions of dollars a year we lose to China, and unless we solve that problem, I'm not going to make a deal," he said.
• Of the market sell-off, he added, "Sometimes you have to take medicine to fix something."
• A conservative think tank says the tariffs are based on a big error; Axios explains here.

(More stock market stories.)