It's Panic Monday on Wall Street. The Dow Jones Industrial Average has plunged 1,200 points, the S&P 500 is down nearly 4%, and the Nasdaq composite is deep in the red, adding to the worst financial week since COVID-19 rocked the world in 2020.

The latest sell-off: blame it on President Donald Trump's new round of tariffs. He's digging in on his trade war and the global economy is reeling.

Hong Kong stocks nosedived 13%, the worst day since 1997. In Europe, Germany's DAX dropped more than 10% at the bell and U.S. crude oil prices briefly dipped below $60 a barrel, the lowest since 2021.

JPMorgan Chase CEO Jamie Dimon warns the tariffs will slow down growth and fuel inflation. Goldman Sachs says the fallout may already be irreversible, even if Trump backtracks.

But Trump's not backing down. On Truth Social, he called tariffs "medicine" and blamed past leaders for allowing this to happen.

Markets are shaky, global trust is cracking, and the president is doubling down.

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