The stock market had its worst week since the pandemic. Keep hope alive.

Subscribe to enjoy similar stories. He’s serious, and that’s seriously bad news for the stock market. President Donald Trump launched a major new phase in his trade war on Wednesday, imposing tariffs on nearly every country on the globe.

The selling hasn’t stopped since. The Dow Jones Industrial Average plunged 9.3% in two days and fell into a correction—down over 10% from its highs—by the end of Friday. The S&P 500 fell 9.1% on the week, its worst drop since March 2020.

At 5074, the index is down about 17% from its highs and within spitting distance of the official bear market level of 4915. Investors have tended to take Trump seriously but not literally. The president’s literal statements are worth following, however, because he’s the only one who can stop the selling.

He chose not to on Friday. Amid hopes he would back down and reduce the tariff rates, he sent the following message in all caps: “My policies will never change." Never is a long time, so let’s focus on the week ahead. On Saturday, 10% baseline global tariffs are set to kick in.

Those are unlikely to change. That will be followed on April 9 by much higher tariffs on another subset of countries, including China, Vietnam, and the members of the European Union. The next day, China is set to impose 34% retaliatory tariffs on the U.S.

Canada has also said it would impose 25% retaliatory tariffs on automobiles, another sign that the trade war may escalate. Some stocks still seem to be trading as if the tariffs won’t be fully implemented. General Motors stock, for instance, is still up over the past year.