Key Takeaways Oil prices slumped to their lowest level since April 2021 on Monday as concerns about a tariff-induced economic slowdown continued to weigh on markets.President Trump campaigned on taming inflation,

President Donald Trump announced an additional 50% tariff on goods imported from China, which could potentially double the price of Chinese imports. Trump's additional tariffs followed China's announcement that it was matching the "reciprocal tariff" Trump announced last week amid the new sweeping tariffs on US imports.

President Donald Trump said Sunday that he won’t back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the U.S., digging in on his plans to implement the taxes that have sent financial markets reeling.