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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.”

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Bessent said "what I've been very impressed with is the market infrastructure, that we had record volume on Friday."

ABOARD AIR FORCE ONE (Reuters) -U.S. President Donald Trump said on Sunday foreign governments would have to pay "a lot of money" to lift sweeping tariffs that he characterized as "medicine," prompting further carnage in global financial markets. Asian stocks posted steep losses in early trading on Monday and U.S. stock market futures opened sharply lower as investors registered concerns that Trump's tariffs could lead to higher prices, weaker demand, lower confidence and potentially a global recession. Speaking to reporters aboard Air Force One, Trump indicated he was not concerned about losses that have already wiped out trillions of dollars in value from share markets around the world.