President Donald Trump canceled a scheduled press conference with Israeli Prime Minister Benjamin Netanyahu on Monday amid growing economic turmoil linked to his sweeping new tariff agenda.
The White House did not give a reason for the cancellation, which followed bilateral meetings. Trump recently imposed a 17% tariff on Israeli goods despite Israel removing its own tariffs on U.S. imports. The move is part of Trump’s “Liberation Day” agenda, which includes a 10% blanket tariff on all countries and “reciprocal” tariffs on individual trading partners, set to take effect Wednesday.
The announcement sparked a global market sell-off. On Monday, the Nasdaq entered a bear market, the S&P 500 dropped 20% since February, and the Dow suffered record back-to-back losses. Stocks briefly surged on a false report that Trump was considering a 90-day tariff pause, which the White House quickly dismissed as “fake news.”
Trump also threatened an additional 50% tariff on China. Despite the chaos, officials said over 50 countries had requested trade negotiations since last week’s announcement.
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