Stocks soared then fell flat Tuesday as investors digested the latest developments in President Donald Trump’s “Liberation Day” trade war, failing to sustain a recovery from historically bad losses over the last week even as China, the world’s second-largest economy, threatens to “fight to the end” with the U.S. over the soaring import duties.

President Donald Trump’s “Liberation Day” tariffs plunged the stock market into the red Thursday, marking its worst day since the COVID-19 pandemic began in 2020. The Dow Jones Industrial Average fell nearly 4%,