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.

US stock market futures plunged on Sunday evening after the new US tariff policy began collecting duties over the weekend and global trade tensions continued to rise. President Trump and his top advisers dug in over the weekend,

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

Investors sold the dollar and poured into safe havens like the yen and Swiss franc on Monday after U.S. President Donald Trump unleashed sweeping tariffs on the world.

The sweeping tariffs levied by the Trump administration sent economic shockwaves around the world as allies and key trading partners condemned the move. While President Trump suggests the tariffs would be good for America in the long run,

Thursday was the worst day for U.S. stock markets since June 2020. China struck back on Friday, announcing a 34% tariff on American goods as other foreign leaders weigh their response. Meanwhile, Trump's universal 10% levy against all countries went into effect early Saturday.

U.S. President Donald Trump’s big raise in tariffs has triggered an escalating trade war and sent global markets plummeting

China said on Saturday "the market has spoken" in rejecting U.S. President Donald Trump's tariffs, and called on Washington for "equal-footed consultation" after global markets plunged in reaction to the trade levies that drew Chinese retaliation.

The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight.