The global trade war that triggered "Black Monday" intensified dramatically. Morning reports described Chinese retaliation with 84% tariffs on American products, sending European markets into further decline. By early afternoon, EU members unanimously approved €22 billion in countermeasures targeting American products like soya, motorcycles, and cosmetics.
Economic casualties mounted as Tata Steel announced cutting 1,600 jobs in IJmuiden, citing Trump's tariffs and Chinese competition. American treasury bonds destabilized, threatening the global financial system's foundation.
In an evening pivot, Trump announced a 90-day pause on tariffs for "most countries" while simultaneously increasing China-specific import duties to 125%. Markets responded immediately, with American indices surging. The Netherlands reported 251 measles cases already surpassing 2024's total, and pro-Palestinian protesters occupied a building at the Free University of Amsterdam.