Global markets suffered major losses Monday as President Donald Trump's new tariff plan caused widespread economic turmoil. Asian markets were hit particularly hard, with the Nikkei 225 dropping 6.5 percent, Taiwan stocks falling nearly 10 percent, and Singapore markets down 8.5 percent.

Trump defended his approach Sunday, despite trillions of dollars being wiped from US company valuations since the tariff announcements began. "Sometimes you have to take medicine to fix something," he told reporters aboard Air Force One, claiming world leaders are "dying to make a deal" to resolve trade deficits.

China has already announced retaliatory measures, planning to impose 34 percent tariffs on all US goods starting April 10. This escalation occurred after Asian markets closed last week, contributing to Monday's sharp declines when trading resumed.

US markets are also bracing for impact. Futures contracts for the New York Stock Exchange showed sharp declines Sunday, suggesting Wall Street will face significant losses when markets open Monday. US oil prices dropped below $60 per barrel for the first time since April 2021.

The tariffs have affected even close US allies. Israeli Prime Minister Benjamin Netanyahu, whose country faces 17 percent tariffs, is scheduled for urgent talks with Trump on Monday. Britain's Prime Minister Keir Starmer warned that "the world as we knew it has gone," saying future stability would depend on "deals and alliances."

White House officials claim over 50 countries have reached out to begin negotiations. Kevin Hassett, head of the National Economic Council, told ABC that countries are seeking compromise "because they understand that they bear a lot of the tariffs." Vietnam has already requested a 45-day delay on the 46 percent tariffs it faces.

Despite administration assurances that US consumers won't see major price increases, economic experts remain concerned. Larry Summers, former National Economic Council Director under Obama, warned of continued market turbulence. Meanwhile, Trump advisor Peter Navarro told investors "you can't lose money unless you sell," and promised "the biggest boom in the stock market we've ever seen."