Stock markets around the world are plummeting after President Trump’s sweeping and unprecedented tariffs on imports to the United States took effect at midnight. They include across-the-board tariffs of 104% on Chinese goods, which prompted China to retaliate with levies of 84% on imports of U.S. goods. Hong Kong’s benchmark Hang Seng Index fell by over 13%, its biggest one-day drop since 1997. Japan’s Nikkei index fell by nearly 8%. Markets in India and the Middle East also tumbled.

On Tuesday evening, Trump celebrated the chaos set off by his trade war, telling an audience at the National Republican Congressional Committee’s annual gala that foreign leaders were lining up to make a deal.

President Donald Trump: “I’m telling you, these countries are calling us up, kissing my ass. They are — they are dying to make a deal. 'Please, please, sir, make a deal. I'll do anything. I’ll do anything, sir.’”

On Wall Street, Goldman Sachs has further raised the prospect of a recession in the next year, now putting the odds at 45%. A CNBC survey found two-thirds of U.S. corporate executives believe Trump’s trade war will trigger a recession.