https://techcrunch.com/2019/05/07/fearing-an-escalation-of-the-trade-war-with-china-stock-markets-plummet-then-rally/

Stock markets declined today as investors worried about the potential for an escalating trade war with China sold off shares.

Markets had been trading near or above all-time highs before President Donald Trump threatened to significantly increase tariffs on Chinese goods. The news sent stock markets into a free-fall in mid-day trading, but the markets staged a late-day surge to end the day with less severe declines.