NEW YORK – Dow drops 1,200 and global markets tumble as worries deepen about economic impact of Trump’s trade war. Global markets plunged Monday following last week’s two-day meltdown on Wall Street, and President Donald Trump said he won’t back down on his sweeping new tariffs, which have roiled global trade. Countries are scrambling to figure out how to respond to the tariffs, with China and others retaliating quickly. Trump’s tariff blitz fulfilled a key campaign promise as he acted without Congress to redraw the rules of the international trading system. It was a move decades in the making for Trump, who has long denounced foreign trade deals as unfair to the U.S. The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight. European and Asian shares saw dramatic losses, while futures for the S&P 500 index fell 2.7% in premarket trading. The index was down 17.4% from its recent high in February as of the end of last week. A drop of 20% or more from a recent high is what market observers consider a bear market. Oil prices sank again, briefly dipping below $60 a barrel for the first time since 2021. ...read more read less