US: Markets tumble with S&P 500 down 5% and Dow down 1,600; Trump says 'some pain' is worth it

Global stock markets plummeted after China retaliated against the US with significant new tariffs, heightening fears of a global recession. The S&P 500 experienced its worst drop since 2020, while the Dow and Nasdaq also saw significant declines. Heavy losses were seen across US companies with significant exposure to China.