2. U.S. and European markets tumbled.

Ominous data from the German and Chinese manufacturing sectors sent Wall Street stocks into one of their worst declines of the year. Above, a screen at the New York Stock Exchange.

Meanwhile, the bond market offered a clear signal that investors were pessimistic on the long-term prospects for the U.S. economy — and another nagging indicator that America’s decade-long economic run may be coming to an end.

Our analyst thinks the trade war is just one piece of the turbulence, writing, “Once chaos has been unleashed into the global economic system, it can be hard to reel back in.”