U.S. President Donald Trump took to his social media platform, Truth Social, on Wednesday to proclaim that a deal with China was “done,” pending final approval from himself and Chinese President Xi Jinping.

Trump’s shocking new tariff plan just hit 185 countries at once, triggering major market turmoil. The S&P 500 swung by $2 trillion in minutes after Trump announced a 10% baseline tariff with additional reciprocal rates targeting countries like China and the EU.