The futures contracts in Dow 1,300 points are drowned after Trump defends the definitions as a “drug” to repair the trade deficit

• American stocks are preparing to continue their incendiary free fall Future contracts also indicated more fear of President Donald Trump’s tariff. Administration officials and Trump himself indicated on Sunday that they will not back down from their aggressive position. Meanwhile, the inflation report is scheduled later this week in addition to bank profits.

Wall Street remained in fear of President Donald Trump’s tariff on Sunday evening, as futures indicated more severe losses.

Download Jones Industrial Mestuter Resident 1,302 points, or 3.3 %, while S&P 500 Futures sank 3.9 % and Nasdaq Futures sinking 4.9 %. This follows a devastating week that has seen the worst sales from the first days of Covid-19 epidemic.

The Treasury Return fell for 10 years 8.5 basis points to 3.906 %, and crude oil prices in the United States decreased by 3.7 % to $ 59.72 a barrel.

On Wednesday, Trump announced the minimum tariff rate of 10 % and higher rates for 57 economists such as China (34 %), the European Union (20 %), and Japan (24 %). Fitch classifications It is estimated that the rate of effective tariff can reach 25 % on average- the highest level in more than 115 years.

Former Treasury Minister Larry Samarz broadcast caution in X post Sunday, saying that there is a very good opportunity for more disturbances in the market similar to what was seen on Thursday and Friday.

The summer said that these sessions were the fourth largest decrease for two days in the past 85 years. The sale was surveyed about 6 trillion dollars on the market.

“A drop of this size indicates that there is likely to be a problem in the future, and people should be very careful,” Sames wrote.

Meanwhile, the Trump administration and the president himself defended the definitions.

“I don’t want anything to decrease, but sometimes you should take the medicine to fix something,” Trump told reporters.

He referred to the American trade deficit with China and said he was ready to conclude a deal, “but they must solve their surplus.”

Earlier, the director of the National Economic Council, Kevin Haysit ABC News More than 50 countries have arrived at the White House to negotiate the definitions.

But at the present time, the Minister of Commerce Howard Lootnick said that the definitions will remain and will not be postponed. While the minimum 10 % is a valid tariff early on Saturday, Individual fees It will go to Wednesday.

“They will stay in their place for several days and weeks,” he said. CBS.

In response to Trump’s sweeping tariff, JPMorgan now sees stagnation, as GDP is 0.3 % this year. But Treasury Secretary Scott Bessin said on Sunday that there should be no recession and described the sale of shares as a short -term reaction.

“There is one thing that I can tell you, as the Treasury Secretary, what I liked is the market’s infrastructure, and that we got a registration volume on Friday. And everything works very smoothly so that the American people can do so.” NBC.

BESSENT also gave any indication that Trump will back down from these aggressive definitions.

On Friday, Federal Reserve Chairman Jerome Powell warned that comprehensive definitions could push inflation up and decrease cooling to reduce the imminent interest rate.

The markets will get inflation on Thursday, when the consumer price index report will be issued for the month of March, which gives an insight into the place where inflation was heading before the latest customs tariffs arrived.

In addition, the profit season for the results of the first quarter will start this week with the JPMorgan, Wells Fargo and Blackrock report on Friday.

Comment by senior executives about the definitions and their expectations of how they influence their companies will be under special scrutiny.

This story was originally shown on Fortune.com