On Wall Street, U.S. stocks dropped sharply on Monday, erasing all of their gains since Donald Trump’s election. The slide came as China began implementing retaliatory tariffs on U.S. meat and produce and as Canada’s Ontario province added a 25% surcharge to electricity exports, affecting three states. Trump also triggered investor panic when he twice refused to rule out a recession during an interview that aired Sunday on Fox News.

Maria Bartiromo: “Are you expecting a recession this year?”

President Donald Trump: “I hate to predict things like that. There is a period of transition, because what we’re doing is very big.”