Global markets are tumbling this morning across Asia and Europe after the U.S. stock market went into free fall on Monday. The Dow Jones Industrial Average plunged by nearly 1,600 points in the middle of the day, marking the biggest point decline in financial history. The U.S. market then rallied slightly, but at the closing bell the Dow Jones was still down by an historic 1,175 points. While Monday’s plunge was alarming on Wall Street, many financial experts say the drop had been expected, after the Dow surged over the last year.

On Monday, President Trump avoided mentioning the historic stock market drop, even as he tried to boast about the benefits of his tax overhaul, while speaking to workers at Sheffer Corporation in Cincinnati, Ohio. During his speech, Trump also attacked Democratic lawmakers who did not applaud him during the State of the Union last week, calling them “un-American” and “treasonous.”

President Donald Trump: “They were like death and un-American, un-American. Somebody said 'treasonous.' I mean, yeah, I guess. Why not? Can we call that treason? Why not?”