The carnage in financial markets unleashed by President Donald Trump’s tariffs continued unabated on Monday, with Asian equities pummeled from the open and stock futures in the US showing that last week’s $5 trillion wipeout isn’t over.

The MSCI Asia Pacific Index tumbled as much as 7.9%, the most since October 2008 on an intraday basis, after Trump struck a defiant tone on his tariff policy. The US president told reporters on Sunday evening to “forget markets for a second.”