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U.S. stocks are swinging Monday following a manic morning where indexes plunged, soared and then sank again as Wall Street tossed around a false rumor about President Donald Trump’s plans for his trade war. Countries are scrambling to figure out how to respond to the tariffs, with China and others retaliating quickly. Trump’s tariff blitz fulfilled a key campaign promise as he acted without Congress to redraw the rules of the international trading system.

(Bloomberg) -- President Donald Trump and his economic team dismissed investors’ fears of inflation and recession, offering no apologies for the market turmoil sparked by sweeping global tariffs and defiantly insisting a boom is on the horizon. Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersBoston Mayor Wu Embraces Trump Resistance as Campaign Heats UpThis Skinny Mexico City Tower Is Just 14 Feet Wide on One SideThe Irish Hot Press Is the Low-Tech Laundry Trick the Wo

WASHINGTON/LUXEMBOURG (Reuters) -U.S. President Donald Trump threatened to further increase tariffs on China on Monday, raising the possibility of further escalation in a trade war that has already wiped trillions of dollars from global markets. Trump said he would impose an additional 50% duty on U.S. imports from China on Wednesday if the world's No. 2 economy did not withdraw the 34% tariffs it had imposed on U.S. products last week. "All talks with China concerning their requested meetings with us will be terminated!" he wrote on social media.

Trump announced reciprocal tariffs on over 180 countries. The move sparked panic in the stock market.

The tariff-induced market mayhem isn’t over just yet.

As markets continued to crater on Sunday, President Trump was content to continue hammering the benefits of his tariff policy rather than suggest reciprocal rates are the beginning of negotiations.

Stablecoins are being seen as a key tool to maintain the U.S. dollar's dominance in global markets, according to Bryan Pellegrino, CEO of LayerZero Labs.