A STOCK MARKET SELLOFF intensified Monday as President Trump lashed out at Federal Reserve chairman Jerome Powell, with fallout from the trade war spreading across industries.

The S&P 500 fell more than 2 percent Monday and is down more than 12 percent so far this year.

Trump cast blame on Powell for refusing to cut interest rates further, calling him a “a major loser” and accusing him of cutting rates last year in an effort to boost former President Biden and former Vice President Kamala Harris in the 2024 election.

Powell says he's been hesitant to cut interest rates further out of fears of an inflation spike due to Trump’s global tariffs.

“There is virtually No Inflation,” Trump posted on Truth Social at 9:41 a.m. ET Monday, minutes after markets opened.

“With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already 'lowered' seven times. Powell has always been 'To Late,' except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out.”

Kevin Hassett, the director of the National Economic Council, said last week that the White House is exploring how to fire Powell, despite the legal guardrails on his position meant to shield him from political interference.

Several companies on Monday announced layoffs or halted shipments due to uncertainty in the markets around the trade wars.

Hundreds of workers will be laid off at Mack and Volvo plants in Pennsylvania and Maryland.

“Heavy-duty truck orders continue to be negatively affected by market uncertainty about freight rates and demand, possible regulatory changes, and the impact of tariffs,” a spokesperson for Volvo told abc27 News. “We regret having to take this action, but we need to align production with reduced demand for our vehicles.”

Ford halted shipments of SUVs, trucks and sports cars to China.

The courier firm DHL suspended global shipments with a declared value of $800 or more due to changes in U.S. customs regulations.

China on Monday warned countries not to engage in new trade deals with the U.S. that would hurt Beijing.

“China firmly opposes any party reaching a deal at the expense of China’s interests,” China’s Commerce Ministry said in a statement. “If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner. China is determined and capable of safeguarding its own rights and interests.”

Also on Monday, China announced it would sanction U.S. officials and lawmakers it says have “performed poorly” on issues pertaining to Hong Kong. In March, the U.S. sanctioned a half dozen Chinese and Hong Kong officials it alleged to be involved in repressing Hong Kong’s autonomy.