The Dow Jones dropped more than 1,000 points at opening on Monday.

Markets veered Monday as the fallout continues over President Donald Trump’s severe tariffs against virtually all U.S. trading partners.

After telling investors not to panic earlier in the morning, Trump threatened to increase tariffs against China again on Wednesday if Beijing doesn’t remove the retaliatory tariffs it placed on the U.S. by Tuesday. A senior White House official told ABC News that this would be in addition to the 34% reciprocal tariff Trump announced last week and the 20% already in place, making for a potential total of 104%.

Trump claimed without evidence “the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.”

China on Monday again criticized Trump’s tariff policy, calling it an “abuse” that “gravely undermines the rules-based multilateral trading system, and disrupts global economic order and stability.”

“The Chinese government strongly condemns and firmly opposes such actions. The U.S. approach is a typical act of unilateralism, protectionism, and economic bullying, which causes harm to others while backfiring on itself,” said Chinese Foreign Ministry spokesman Lin Jian.

Trump on Monday threatened to increase tariffs against China again if Beijing doesn’t remove the retaliatory tariffs it placed on the U.S.

Trump wrote on his social media platform that “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.”

“Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately,” he added.

White House Press Secretary Karoline Leavitt listens, as President Donald Trump speaks to reporters while in flight on Air Force One, en route to Joint Base Andrews on April 6, 2025.

Mandel Ngan/AFP via Getty Images

A senior White House official said that this would be in addition to the 34% “reciprocal” tariff Trump announced last week set to go into effect on Wednesday and the 20% that is already in place, making for a potential total of 104% tariff.

-ABC News’ Mary Bruce

2 hours and 32 minutes ago

President Donald Trump posted for investors not to panic, coining a new term for a party “based on Weak and Stupid people,” called a “PANICAN,” just minutes before stocks opened on Monday.

“The United States has a chance to do something that should have been done DECADES AGO,” the president wrote on Truth Social. “Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!”

Nonetheless, the Dow Jones dropped more 1,000 points at opening.

President Donald Trump touted the U.S. economy in a post to Truth Social on Monday, saying that oil prices, interest rates and other prices are down and claiming — without providing evidence — that “the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.”

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, on April 4, 2025.

Timothy A. Clary/AFP via Getty Images

“This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate,” Trump wrote.

The president made no mention of the dramatic losses in Asian and European markets on Monday.

ABC News’ Michelle Stoddart