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European shares followed Asian markets lower, with Germany's DAX falling 6.5% to 19,311.29. In Paris, the CAC 40 shed 5.7% to 6,861.27, while Britain's FTSE 100 lost 4.5% to 7,694.00. The future for the S&P 500 lost 4.8% while that for the Dow Jones Industrial Average shed 4.1%.

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

Bitcoin, Crude Oil Prices Also Fall Sharply

Global markets were sent into a tailspin on Monday as Asian stocks and Wall Street futures plunged and investors wagered that the mounting risk of a deep economic downturn could lead to a cut in U.S. interest rates as early as May. The Swiss franc jumped more than 0.8% to 0.8531 per dollar, building on its 2.3% surge against the U.S. currency last week. Both the yen and the franc have emerged as significant winners in the aftermath of Trump's latest tariff salvo as investors dump riskier assets and flock to safe havens in a move that has also seen gold and government bonds catch a bid.

ABOARD AIR FORCE ONE (Reuters) -U.S. President Donald Trump on Sunday said that sometimes you have to take medicine when asked about falling markets, adding that he was not intentionally engineering a market selloff. "I don't want anything to go down, but sometimes you have to take medicine to fix something," Trump told reporters about Air Force One regarding the economic fallout from his sweeping tariffs. Asian markets were in for a rough start on Monday as Wall Street futures plunged and markets wagered the mounting risk of a U.S. recession could see U.S. rate cuts as early as May.

Monday's rout extends a two-day selloff that wiped trillions of dollars from equity values after U.S. President Donald Trump's administration announced sweeping tariffs last week. The lack of reaction from Trump and from Bessent, in terms of their concern levels appearing to be very, very low in terms of the market dislocation. If there isn't some sort of walking back of the announcements, then we’re heading for a liquidity event and liquidity will get sucked out of these markets big time across all asset classes.

US Treasury Secretary Scott Bessent again dismissed fears of a recession Sunday, saying that the market “consistently underestimates Donald Trump.”