Stock markets across the US have taken a significant hit over concerns about the negative economic impact of President Donald Trump's tariffs.

After the President refused to rule out a recession, the S&P 500 dropped 2.7 percent, the Nasdaq fell 4 percent and the Dow Jones Industrial Average dropped 2 percent.

Infometrics Principal Economist Brad Olsen says US markets have a right to be worried following Trump's comments. 

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