Global markets suffered historic losses as Asian exchanges opened with dramatic falls - Tokyo down 7%, Hong Kong 13% - followed by European markets with Milan losing 5.4%. The three-day bloodbath erased €10 trillion in market value.
Trump maintained his hardline stance, calling tariffs "necessary medicine" while threatening China with an additional 50% tariff increase. Market chaos intensified midday when Reuters reported a potential 90-day tariff pause, causing a brief rebound before the White House labeled it "fake news."
By afternoon, von der Leyen offered "zero tariffs on industrial goods" while the EU drafted potential retaliatory measures of up to 25% on American products. Trump countered that "Europe must buy energy from the US."
Prime Minister Meloni convened a government task force and scheduled an April 16 visit to Washington, adopting the message that "trade wars benefit no one."