World markets plunged today, as President Donald Trump’s new U.S. tariffs, coupled with China’s swift retaliation, ignited a global sell-off.

Japan’s Nikkei 225 nosedived 7.8% to 31,136.58, with trading briefly halted after an early 8% drop. Major losers included Mizuho Financial Group (-10.6%) and Mitsubishi UFJ Financial Group (-10.2%), as fears of a trade war’s economic toll gripped investors.

European markets followed suit, with Germany’s DAX shedding 6.5% to 19,311.29, France’s CAC 40 falling 5.7% to 6,861.27, and Britain’s FTSE 100 declining 4.5% to 7,694.00. U.S. futures hinted at more pain, with the S&P 500 future down 4.8%, the Dow off 4.1%, and Nasdaq futures sliding 5.3%. This follows Friday’s Wall Street meltdown—S&P 500 (-6%), Dow (-5.5%), Nasdaq (-5.8%)—the worst since COVID, pushing the S&P 500 17.4% below its February peak.

Trump, speaking Sunday aboard Air Force One, stood firm on his tariff policy despite the chaos, saying, “sometimes you have to take medicine to fix something.” The U.S. imposed a 10% baseline tariff on all imports effective April 5, with a 34% rate on Chinese goods. Beijing countered with a matching 34% tariff on U.S. products, starting April 10, escalating a trade war between the world’s top economies. Analysts fear a global recession looms if tensions persist.

Asia felt the brunt, with Hong Kong’s Hang Seng crashing 13.5% to 19,770.51, Shanghai dropping 7.3% to 3,096.58, and South Korea’s Kospi falling 5.6% to 2,328.20. “Uncertainty over these tariffs is driving this plummet,” said Rintaro Nishimura of the Asia Group. Oil prices tanked—U.S. crude to $59.17, Brent to $62.65—while the yen rose to 145.56 against the dollar as a safe haven.

Experts like Gary Ng of Nataxis warn of crises for trade-reliant nations, predicting prolonged volatility as negotiations falter. White House adviser Peter Navarro, on Fox News, dismissed panic, promising a historic market boom. Yet, with trillions already lost, the tariff gamble’s cost is mounting.