Squawk Box anchors discuss the US market impact of renewed trade war fears with the Dow plunging by 470 points- its worst day since the start of the year. The S&P and Nasdaq also post their biggest declines since March. The tariff threats are felt across the Pacific with China’s April trade surplus coming in well below estimates as exports dip unexpectedly and imports rebound. CNBC hears from DoubleLine CEO Jeffrey Gundlach who believes stocks are now in a bear market and that President Trump is likely to follow through on his threat to increase tariffs on Beijing. Back in the US, in its first report since going public, ride-sharing firm Lyft posts a large loss and drivers threaten a global walk-out over low pay in the run-up to Uber’s own IPO. On the earnings front, Siemens beats expectations as it also announces the spin-off of a gas unit, while high taxes weigh on Commerzbank, as net profit falls by more than 50% in the first quarter.

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