Glob­al stock mar­kets ex­tend­ed a se­vere plunge Mon­day, fu­eled by fears that U.S. tar­iffs would lead to a glob­al eco­nom­ic slow­down. Eu­ro­pean and Asian shares saw dra­mat­ic loss­es, the lead­ing U.S. in­dex flirt­ed with bear mar­ket ter­ri­to­ry in pre-mar­ket trad­ing, and oil prices sagged.

The mas­sive sell-off in riski­er as­sets at the start of the trad­ing week fol­lows Pres­i­dent Don­ald Trump’s an­nounce­ment of sharply high­er U.S. im­port tax­es and re­tal­i­a­tion from Chi­na that saw mar­kets fall sharply Thurs­day and Fri­day.

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.