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Global markets sell off as President Trump doubles down on his tariffs.

I don't want anything to go down, but sometimes you have to take medicine to fix something.

Plus, Beijing's tariff countermeasures raise the specter of an intensifying trade war with Washington,

and Wall Street speaks out warning of an economic nuclear winter as recession risks mount.

It's Monday, April 7th. I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News,

the top headlines and business stories moving your world today.

Turmoil in global markets has snowballed into one of the worst routes in recent memory

after President Trump said he'll stay the course with aggressive, economically disruptive

tariffs. European shares are tumbling after Asian stock markets plunged this morning. The sell-off

became particularly apparent when Japan's exchange operator briefly halted trading in response to an

almost 10% drop in Niki futures. The index closed trading off nearly 8%, though as our Asia

finance editor Peter Landers told me that wasn't the

worst of it. The two worst hit markets were Hong Kong and Taiwan. The Hank Sang

Index in Hong Kong, which includes a lot of mainland Chinese stocks, was down more than 13%. And it

had its worst day since the Asian financial crisis in 1997. Taiwan's stock market was down

9.7%, which is pretty close to the maximum because shares can't go down more than 10% in one day

on that market. Meanwhile, things are looking equally bleak back in the U.S., with futures suggesting

the S&P 500 is on course to enter bare market territory.

And as journal Markets editor Katie Barnado explains, Wall Street is starting to speak out as the true economic effective tariffs comes into focus.

...