The recent presidential trade action from Donald Trump has prompted investors to withdraw billions from exchange-traded funds (ETFs) which track Chinese stocks. The quick exchange of billions of dollars marks one of the speediest cash withdrawals in recent years and causes worldwide market anxiety.

Trump’s team recently slapped a 10% tariff on all imports, with even tougher ones aimed at Chinese goods. China fired back with a hefty 34% tax on American products like crops and planes. This back-and-forth is freaking out investors, who worry it’ll mess up supply chains and maybe even tip the world into a recession. According to reports, money is pouring out of Chinese ETFs at a record pace, showing just how nervous folks are about China’s markets holding up.

Big funds like the iShares MSCI China ETF and Xtrackers Harvest CSI 300 China A-Shares ETF lost over 5 billion USD in just the past week. “Everyone’s on edge,” said Jane Liu, an analyst in Hong Kong. “These tariffs are making it hard to see any growth ahead, and nobody knows when it’ll stop.” Chinese stocks, already hammered by tough government rules at home, took a big hit, with the Hang Seng Index crashing more than 8% in one day.

Trump says the tariffs are like “tough medicine” to boost American factories, promising the economy will “take off” once trade gets fairer. But not everyone’s buying it. Critics, including Federal Reserve Chairman Jerome Powell, warn it could drive up prices and slow things down. Markets are feeling the heat: the S&P 500 has dropped 15% since February, and oil prices fell below 60 USD a barrel as people worry about demand.

Meanwhile, folks are piling into safer bets like gold, which briefly shot past $3,000 before settling down. The U.S. dollar’s also taken a hit against currencies like the yen and euro as investors look for steady ground. Trump’s hinted at possible trade deals, but with nothing solid and China vowing to “keep fighting,” the world’s left watching a tense economic tug-of-war.