President Donald Trump defended himself against congressional impeachment proceedings warning that the U.S. financial markets would collapse if Democratic House members decide to impeach him. 

On Tuesday, House Speaker Nancy Pelosi announced the formal inquiry against the president. In response, political uncertainty caused global markets to plummet Wednesday with continued problems with the U.S.-China trade war. Impeachment could hamper efforts for a U.S. and China agreement and congressional ratification of any treaty. 

Fox Business host Maria Bartiromo tweeted on Wednesday, “Stocks hit session lows after Pelosi calls for impeachment inquiry.” 

Political instability rattled the financial markets further Thursday as U.S. stocks dropped again.