Unsourced “headlines” about a potential “90-day pause in tariffs” sent markets into a state of turbulence Monday morning as investors sought any indication of a reprieve from the Trump administration’s new levies. The problem: It wasn’t true.

U.S. stocks were battered by a steep sell-off Friday after China retaliated against the United States for President Donald Trump’s tariffs in a tit-for-tat that escalates a global trade war.

The hiring numbers were up from 117,000 in February and were nearly double the 130,000 that economists had expected. Labor Department revisions shaved 48,000 jobs off January and February payrolls.

President Donald Trump’s sweeping new tariffs, on top of previous levies and retaliation worldwide, are expected to increase prices for everyday items. The trade wars have already roiled financial markets and plunged businesses into uncertainty — all while economists warn of potentially weakened economic growth and heightened inequality.

Two days after sending the economy reeling by announcing widespread tariffs, President Donald Trump insisted his trade policies will never change as he remained ensconced in a bubble of wealth and power in Florida.

Mexico was Illinois’ second-largest export market in 2024 with $32 billion worth of goods being sent to the country. Another $19 billion worth of Mexican goods came to Illinois that year, making the country Illinois’ third-largest import market.

The S&P 500 was down 4.3% in morning trading, more than other major stock markets, and it’s on track for its worst day since COVID shattered the global economy five years ago.

President Donald Trump declared on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States, threatening to upend much of the architecture of the global economy and trigger broader trade wars.

For weeks, Trump has promoted April 2 as “Liberation Day” in America, when a number of hefty tariffs will be unveiled to implement his administration’s radical economic agenda. The United States has already announced a sharp increase in tariffs on all imports of steel, aluminum and cars.

Most economic analyses say average U.S. families would have to absorb the cost of his tariffs in the form of higher prices and lower incomes. But an undeterred Trump is inviting CEOs to the White House to say they are investing hundreds of billions of dollars in new projects to avoid the import taxes.

The S&P 500 dropped 2% for one of its worst days in the last two years. It thudded to its fifth losing week in the last six after wiping out what had been a big gain to start the week.

The first of the boycotts happened last month, with more scheduled in the coming weeks. The effort includes boycotts of various companies and retailers during different time periods.

San Francisco-based 23andMe filed for Chapter 11 bankruptcy protection on Sunday and said it would pursue a sale, after years of struggling to find a sustainable business model. That means the company — and the genetic information of its 15 million customers — will likely soon be up for grabs to the highest bidder.

It is the lowest reading in 12 years and well below the threshold of 80, which the Conference Board says can signal a potential recession in the near future. However, the proportion of consumers anticipating a recession in the next year held steady at a nine-month high, the board reported.

The Trump administration’s tariffs on imported goods from Canada, Mexico and China — some already in place, others set to take effect in a few weeks — are already driving up the cost of building materials used in new residential construction and home remodeling projects.

If prices remain high, it will be third year in a row consumers have faced sticker shock ahead of Easter on April 20 and Passover, which starts on the evening of April 12, both occasions in which eggs play prominent roles.