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.

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.