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Market Panic Deepens As China Retaliates Against Trump Tariffs

Donald Trump China Kevin Hassett Scott Bessent Hang Seng United States Stephen Innes Asia Hong Kong Japan

Donald Trump doubled down on his tariffs in a Truth Social post shared Friday. (Credit: Andrew Harnik/Getty Images)

World markets crashed on Monday with Asia leading the rout, as US President Donald Trump held firm on his swingeing tariffs despite China retaliating and global recession warnings growing louder.

Hong Kong's Hang Seng plunged more than 13 percent, its biggest drop since the 1997 Asian financial crisis, while in Japan the Nikkei 225 index fell an eye-watering 7.8 percent.

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