Stock markets worldwide have continued to move even lower after China matched President Donald Trump’s big raise in tariffs in an escalating trade war.

Several media outlets have reported that the S&P 500 dropped 2.7% early this morning (April 4), coming off its worst day since COVID wrecked the global economy in 2020. According to AP News, the Dow Jones Industrial Average dropped 1,000 points, and the Nasdaq composite tumbled 3%.

Not even a better-than-expected report on the U.S. job market was enough to stop the slide. European stocks saw some of the day’s biggest losses, and the price of crude oil tumbled to its lowest level since 2021 on worries about how a trade war could cause a recession.

Global markets slid further and Wall Street was on track for another day of crushing losses Friday after China responded to U.S. President Donald Trump’s latest set of tariffs with some of their own. Futures for the S&P 500 fell 3.6% before the bell, while futures for the Dow Jones Industrial Average shed 3.4%, falling below the 40,000 mark. Nasdaq futures tumbled 4%.