The VIX, known as the stock market's fear gauge, has soared in recent days. Stocks crumbled again on Friday after the worst loss since 2020.

In every corner of the financial markets, from stocks to bonds to commodities, money managers are sending Donald Trump the same unmistakable message: The trade war he unleashed is threatening to set off a worldwide recession — and fast.

Buckle up, because the markets are crashing, the economists are screaming, and the elephant seals are very confused.

Trump announced sweeping tariffs on U.S. trading partners sparking fears of a global trade war. He said it is necessary to make it fair for American manufacturers and return jobs to America. However, experts have said his plan could have a massive negative impact on the economy.

Apple’s costs are about to go way up thanks to tariffs. The biggest question facing the world’s most valuable company now is whether to make customers pay for it—or investors. It’s a question with no easy answers—as evidenced by Apple’s share-price wipeout Thursday.

Is the world's biggest streaming platform more exposed to the U.S. trade war? One Wall Street analyst has been pondering this question repeatedly in recent weeks.

While the new tariffs open the door to negotiations, they also assure that the U.S.’ effective rate will be in flux for weeks or more to come.

China announced early Friday that it will impose a 34% tariff on imports of all U.S. products beginning April 10, part of a flurry of retaliatory measures following Trump’s “Liberation Day” slate of double-digit tariffs.