Stock markets posted big losses on Monday as investors fear a global trade war. President Donald Trump has given no sign of backing down on tariffs.

I don’t want anything to go down, but sometimes you have to take medicine to fix something,” Trump told reporters on Sunday.

More than 50 countries have contacted Trump to try to negotiate after he announced sweeping tariffs this week, the US's National Economic Council director Kevin Hassett says Donald Trump's 10% baseline tariff came into effect yesterday, hitting the UK along with many other countries.

Middle East stock markets tumbled Monday as they struggled with the dual hit of the United States' new tariff policy and a sharp decline in oil prices, squeezing energy-producing nations that rely on those sales to power their economies and government spending.

Asian shares nosedived on Monday after the meltdown Friday on Wall Street over U.S. President Donald Trump's tariff hikes and the backlash from Beijing.

The tariff-induced market mayhem isn’t over just yet. US stock futures plunged Sunday evening after two sessions of sell-offs that wiped away over $5.4 trillion in market value. Stocks were set to open sharply lower Monday,

Major stock indexes plunged in Asia on Monday as U.S. President Donald Trump showed no sign of backing away from his sweeping tariff plans, and investors bet the mounting risk of recession could see the Federal Reserve cutting rates as early as May.

Tokyo’s Nikkei 225 index lost nearly 8% shortly after the market opened. An hour later it was down 7.1% at 31,375.71. South Korea’s Kospi lost 5.5% to 2,328.52, while Australia’s S&P/ASX 200 tumbled 6.

Stock futures slid as Trump administration officials said they will be steadfast in implementing the tariff regime announced Wednesday.