Stocks fell on Monday as President Trump escalated his trade war by threatening to impose 30% tariffs on the European Union and Mexico. Bitcoin breached $120,000 for the first time, as Peter Devlin explains.

President Donald Trump on Saturday threatened duties of 30% on products from Mexico and the European Union, two of America’s biggest trading partners, in an ongoing tariff campaign that’s upended global trade since he retook office in January.

Leaders from both economies had been trying to negotiate more favorable terms, only to have those efforts blown up by form letters.