New York: Global stock markets tumbled, and oil prices fell sharply on Monday after US President Donald Trump refused to settle on his tariffs and burned fears of an elaborate global economic downturn.

Trade floors across the globe experienced waves of additional sales after last week’s sharp losses, with Trump asking Americans to “be strong, brave and patient”, minutes before the New York Acti market opened to drops of over three percent.

Both DOW and S&P 500 completed fleeting sessions lower, while Nasdaq mustered a modest gain.

Much worse hit was Hong Kong, who collapsed with 13.2 percent on his worst day in almost three decades.

Trillions of dollars are wiped out by combined valuations in the stock market in recent sessions.

Taipei shares suffered their worst fall on the record Monday and refueled 9.7 percent.

Tokyo closed by almost eight percent.

Frankfurt fell as much as 10 percent in the early trade before pairing losses back to end the day by 4.1 percent.

“The Lodde in global stock markets has continued,” said Thomas Mathews, Asia and the Pacific area for markets at Capital Economics.

A duty of 10 percent “baseline” on imports from around the world came into force on Saturday.

A number of countries will be hit by higher tasks from Wednesday with 34 percent taxes for Chinese goods and 20 percent for EU products.

Last week, Beijing announced his own 34 percent duty on US goods coming into effect on Thursday.

Monday, Trump threatened to beat another 50 percent duty on China, if Beijing did not withdraw his retaliatory plans, the prospect of another round with tit-for-tate hiking trips.

Larger US indices briefly rose to a positive territory following a report that economic adviser to the White House Kevin Hassett said Trump was considering a 90-day customs break.

But the markets withdrew when the White House refused the story and sent Hassett’s interview on Fox News, which had been wrongly cited.

Bitter medicine

Hope the US president would consider his policy in the light of the turmoil was stabbed on Sunday when he said he would not enter into an agreement with other countries unless trade deficit was resolved.

“Sometimes you have to take medication to fix something,” he said of market pain that has wiped out trillions of dollars from the company’s valuations, affecting many Americans’ pension savings.

In a letter to shareholders, JPMorgan warned Chase CEO Jamie Dimon that Trump’s broad tariffs “are likely to increase inflation.”

“Whether the menu of tariffs causes a recession remains in doubt, but it will slow down growth,” Dimon said, concluding that “the recent tariffs are likely to increase inflation.”

With the start of the first quarter earnings reports, the market is likely to get a flurry of updated views from companies that can further dim the mood further.

Concerns for future energy needs saw oil prices sliding more than two percent after falling approx. Seven percent Friday.

Both main contracts hit their lowest levels since 2021, but then reduced losses.