Global stocks are continuing to fall, and fears of a recession are growing, after President Trump rejected calls to scale back his order to institute sweeping tariffs on most of the world. In Hong Kong, stocks fell today by 13% — the biggest single-day drop since the 1997 Asian financial crisis. Taiwan’s main stock index had its worst day since 1990. On Wall Street, $6.6 trillion was wiped out on Thursday and Friday.

Trump is defending his tariffs plan, telling reporters, “Sometimes you have to take medicine to fix something.” But there appear to be growing divisions within the Trump administration over the tariff plan. Trump’s billionaire adviser Elon Musk — the world’s richest man — says he wants to see the U.S. and Europe have zero tariffs. Musk has also publicly criticized Trump trade adviser Peter Navarro. Bill Ackman, another billionaire Trump backer, has warned Trump’s tariffs could lead to an “economic nuclear winter.” We’ll have more on this story later in the program.