Stock Markets Plunge Again as Trump Doubles Down on Tariffs

Global stock markets extended a severe plunge on Monday, fueled by fears that US tariffs would lead to a global economic slowdown.

- Associated Press

FRANKFURT, GERMANY: European and Asian shares saw dramatic losses; the leading US index flirted with bear market territory in pre-market trading, and oil prices sagged.

The massive sell-off in riskier assets at the start of the trading week follows President Donald Trump's announcement of sharply higher US import taxes and retaliation from China that saw markets fall sharply on Thursday and Friday.

Tokyo's Nikkei 225 index lost nearly 8% shortly after the market opened, and futures trading for the benchmark was briefly suspended. It closed down 7.8% at 31,136.58.

European shares followed Asian markets lower, led by Germany's DAX index, which briefly fell more than 10% at the open on the Frankfurt exchange, but recovered some ground to move down 5.8% in morning trading. In Paris, the CAC 40 shed 5.8%, while Britain's FTSE 100 lost 4.9% in the European morning.