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Trump, when asked about sliding markets, said sometimes you have to "take medicine."

SINGAPORE/LONDON (Reuters) -Global credit markets began to come under fire on Monday, driving the cost of insuring against corporate and sovereign default higher, as recession fears rippled across equities, commodities and currencies. Trillions of dollars have been wiped off global stock markets in the last three days, as investors have taken fright at the range and severity of the tariffs unveiled last week by U.S. President Donald Trump. Fears of a sudden global recession have hit asset markets hard and credit, which is often seen as a warning sign that a deeper downward correction may be approaching, is starting to show the strain.

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.

A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment.

(Bloomberg) -- Goldman Sachs Group Inc. economists raised their recession probability assessment and brought forward the forecast timing of the next US Federal Reserve interest-rate cut following the Trump administration’s tariff announcement.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 Worl

(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.