BANGKOK (AP) — Shares nosedived around the world Monday as higher U.S. tariffs and a backlash from Beijing triggered massive sell-offs.

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.

U.S. futures signaled further weakness ahead. The future for the S&P 500 lost 4.8% while that for the Dow Jones Industrial Average shed 4.1%. The future for the Nasdaq lost 5.3%.

On Friday, the worst market crisis since COVID slammed into a higher gear as the S&P 500 plummeted 6% and the Dow plunged 5.5%. The Nasdaq composite dropped 5.8%.

Late Sunday, Trump reiterated his resolve on tariffs. Speaking to reporters aboard Air Force One, he said he didn’t want global markets to fall, but also that he wasn’t concerned about the massive sell-offs, adding, “sometimes you have to take medicine to fix something.”

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.

Among the biggest losers was Mizuho Financial Group, whose shares sank 10.6%. Mitsubishi UFJ Financial Group’s stock lost 10.2% as investors panicked over how the trade war may affect the global economy.

“The idea that there’s so much uncertainty going forward about how these tariffs are going to play out, that’s what’s really driving this plummet in the stock prices,” said Rintaro Nishimura, an associate at the Asia Group.

Chinese markets often don’t follow global trends, but they also tumbled. Hong Kong’s Hang Seng dropped 13.5% to 19,770.51, while the Shanghai Composite index lost 7.3% to 3,096.58. In Taiwan, the Taiex plummeted 9.7%.

Markets were closed Friday in China and Kenny Ng Lai-yin, a strategist at Everbright Securities International, said the big movements might reflect some catching up from Friday’s declines.

E-commerce giant Alibaba Group Holdings fell 9.9% and Tencent Holdings, another tech giant, lost 13%.

South Korea’s Kospi lost 5.6% to 2,328.20, while Australia’s S&P/ASX 200 lost 4.2% to 7,343.30, recovering from a loss of more than 6%.

Asia is especially dependent on exports, and a large share go to the United States.

“Beyond the market meltdown, the bigger concern is the impact and potential crises for small and trade-dependent economies, so it’s crucial to see whether Trump will reach deals with most countries soon, at least partially,” said Gary Ng of Nataxis.

Oil prices also sank further, with U.S. benchmark crude down $2.82 at $59.17 per barrel. Brent crude, the international standard, gave up $2.93 to $62.65 a barrel.

Exchange rates also gyrated. The U.S. dollar fell to 145.56 Japanese yen from 146.94 yen. The yen is often viewed as a safe haven in times of turmoil. The euro rose to $1.1007 from $1.0962.

Market observers expect investors will face more wild swings in the days and weeks to come, with a short-term resolution to the trade war appearing unlikely.

Nathan Thooft, chief investment officer and senior portfolio manager at Manulife Investment Management, said more countries are likely to respond to the U.S. with retaliatory tariffs. Given the large number of countries involved, “it will take a considerable amount of time in our view to work through the various negotiations that are likely to happen.”

“Ultimately, our take is market uncertainly and volatility are likely to persist for some time,” he said.

Heavy selling kicked in after China matched President Donald Trump’s big raise in tariffs announced last week, upping the stakes in a trade war that could end with a recession that hurts everyone. Even a better-than-expected report on the U.S. job market, usually the economic highlight of each month, wasn’t enough to stop the slide.

The Commerce Ministry in Beijing ordered its own 34% tariff on imports of all U.S. products beginning April 10, among other measures, in response to the 34% tariffs imposed by the U.S. on imports from China.

The United States and China are the world’s two largest economies, and a big fear is that the trade war could cause a global recession. If it does, stock prices fall further. As of Friday, the S&P 500 was down 17.4% from its record set in February.

Americans may feel “some pain” because of tariffs, Trump has said, but he contends the long-term goals, including getting more manufacturing jobs back to the United States, are worth it.

The Federal Reserve could cushion the blow of tariffs on the economy by cutting interest rates, which can encourage companies and households to borrow and spend. But Fed Chair Jerome Powell said Friday that the higher tariffs could drive up expectations for inflation and lower rates could fuel still more price increases.

Much will depend on how long Trump’s tariffs stick and how other countries react. Some investors are holding onto hope he will lower the tariffs after negotiating “wins” from other countries.

Stuart Kaiser, head of U.S. equity strategy at Citi, wrote in a note to clients on Sunday that earnings estimates and stock values still don’t reflect the full potential impact of the trade war. “There is ample space to the downside despite the large pullback,” he said.

The Trump administration showed no signs of relenting on the tariffs that have caused trillions of dollars in losses.

Appearing on Fox News Channel’s “Sunday Morning Futures,” White House trade adviser Peter Navarro echoed the president when he said investors shouldn’t panic because the administration’s approach to trade would usher in “the biggest boom in the stock market we have ever seen.”

“People should just sit tight, let that market find its bottom, don’t get shook out by the panic in the media,” Navarro said.

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Associated Press writers Ayaka McGill, Paul Harloff and Jiang Junzhe contributed.