As U.S. and global markets continue to dive in response to Donald Trump‘s trade wars, the president said Monday more pain could be on the horizon. Trump threatened additional tariffs on China after China said it would retaliate against U.S. tariffs announced last week. “If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” he wrote on Truth Social. “Additionally, all talks with China concerning their requested meetings with us will be terminated! Trump has remained defiant as the stock market continued plunging and fears of a recession grow. The Dow Jones Industrial Average dropped 1,200 points as trading began on Monday morning, and the S&P 500 was on track to enter a bear market, which means falling 20% from a recent high. Even some of Trump’s allies are raising alarms about the economic damage, and financial forecasts suggest more pain on the horizon for U.S. businesses, consumers and investors. Trump spent the weekend in Florida, arriving on Thursday night to attend a Saudi-funded tournament at his Miami golf course. He stayed at Mar-a-Lago, his private club in Palm Beach, and golfed at two of his properties nearby. On Sunday, he posted a video of himself hitting a drive, and he told reporters aboard Air Force One that evening that he won a club championship. “It’s good to win,” Trump said. “You heard I won, right?” He also said that he wouldn’t back down from his tariffs despite the turmoil in the global markets. “Sometimes you have to take medicine to fix something,” Trump said. Goldman Sachs issued a new forecast saying a recession has become more likely even if Trump backtracks from his tariffs. The financial firm said economic growth would slow dramatically “following a sharp tightening in financial conditions, foreign consumer boycotts, and a continued spike in policy uncertainty that is likely to depress capital spending by more than we had previously assumed.” The Associated Press contributed to this report.