The U.S. stock market is falling further following President Donald Trump’s latest escalation in his trade war, briefly pulling Wall Street 10% below its record set just a few weeks ago.

U.S. stocks climbed after President Donald Trump pulled back on some of his tariffs, raising hopes he may avoid a worst-case trade war that grinds down economies and sends inflation higher.

President Donald Trump in recent days has dismissed fears of a recession and brushed aside the stock market sell-off, going so far as to say, “You can’t really watch the stock market.”