Trump's decision was the latest is a series of market-wrenching moves that have taken place since the president announced a series of tariffs on April 2. Stock market declines and a sell-off in U.S. bonds sparked some fears that the U.S. might be headed for a recession.

In today's newsletter, Goldman Sachs sees more pain ahead for the stock market — and China just retaliated to US tariffs, again. What's on deck Markets: The dollar and Treasurys are nosediving in the 'Sell America' trade.