US shares fell sharply again on Monday amid uncertainty in the American economy, with President Donald Trump refusing to rule out a recession.
Tesla shares plunged by at least 15% to $222 – meaning it has lost more than half its value since its peak at $479.86 on 17 December.
The Nasdaq Composite closed down more than 4% on Monday, while the S&P 500 slumped about 2.7% – its biggest daily percentage drop since 18 December.
Sirlines and other companies that need US shoppers feeling confident enough to spend also saw sharp losses. Bitcoin fell below $79,000 from more than $100,000 in December.
It comes amid US trade fights with Canada and Mexico through on-off tariffs of up to 25%.
China has also been targeted and the European Union could be next, from 2 April, when Mr Trump has promised to ramp up his “America first” ambitions.
Asked directly in a Fox News interview on Sunday whether he was expecting a recession, Mr Trump did not deny the possibility.
More from Money
He said: “I hate to predict things like that. There is a period of transition because what we’re doing is very big, we’re bringing wealth back to America. That’s a big thing. And there are always periods of – it takes a little time. It takes a little time.”
This breaking news story is being updated and more details will be published shortly.
Donald Trump’s ‘big, beautiful bill’ has passed and he’s due to sign it into law on Independence Day. Mark Stone and David Blevins discuss how the bill will supercharge his presidency, despite its critics.
They also chat Gaza and Ukraine, as Donald Trump meets with freed Israeli-American hostage Edan Alexander and talks to Vladimir Putin.
If you’ve got a question you’d like the Trump100 team to answer, you can email it to trump100@sky.uk.
13 people have been killed in the US state of Texas after heavy rain caused flash flooding, according to local media reports.
Officials have also said more than 20 are missing from a girls’ camp in Texas.
As much as 10 inches (25 centimetres) of heavy rain fell in just a few hours overnight in central Kerr County, causing flash flooding of the Guadalupe River.
Judge Rob Kelly, the chief elected official in the county, confirmed fatalities from the flooding and dozens of water rescues so far.
A flood watch issued on Thursday afternoon estimated isolated amounts up to seven inches (17 centimetres) of rising water.
This breaking news story is being updated and more details will be published shortly.
Vladimir Putin told Donald Trump he “will not back down” from Russia’s goals in Ukraine during a phone call today, the Kremlin has said.
The Russian president spoke to his US counterpart for almost an hour, and Mr Trump “again raised the issue of an early end to military action” in Ukraine, Kremlin aide Yuri Ushakov told reporters.
In response, Mr Putin said “Russia will not back down” from its aims there, which include “the elimination of the well-known root causes that led to the current state of affairs,” Mr Ushakov said.
The phrase “root causes” is shorthand for Moscow’s argument that it was compelled to invade Ukraine in order to prevent the country from joining NATO.
Please use Chrome browser for a more accessible video player
2:50
Trump and Putin’s latest call on Ukraine
Ukraine and its European allies say this is a pretext to justify what they call an imperial-style war, but Mr Trump has previously shown sympathy with Russia.
At the same time, Mr Putin told the US president that Russia is ready to continue negotiating, the aide said.
The Russian president said any prospective peace deal must see Ukraine give up its NATO bid and recognise his country’s territorial gains.
More on Donald Trump
Related Topics:
Image: Volodymyr Zelenskyy, seen with Mr Trump in June, is pushing for Ukraine to join NATO. Pic: Reuters
He also briefed Mr Trump on agreements made last month, which saw Russia and Ukraine exchange prisoners of war and dead soldiers.
Specific dates for the third round of peace talks in Istanbul were not discussed – nor was the US decision to halt some shipments of critical weapons to Ukraine.
Mr Putin and Mr Trump’s call came after the Pentagon confirmed some weapons due to be sent to Ukraine have been held as it reviews military stockpiles.
The paused shipments include air defence missiles and precision-guided artillery, two people familiar with the situation have said.