There is no place to hide in Asia, with all major stock markets getting hammered as of early Monday afternoon trading. Worst-hit is Hong Kong’s Hang Seng Index, down around 12% and on track for its biggest one-day percentage loss since the 2008 global financial crisis.

Markets in Tokyo, Shanghai and Singapore are down more than 5%. Taipei’s Taiex index is down 9.7%—which, if maintained, would be its worst one-day fall since 1990.

“The U.S. ignited a global trade war,” Phillip Securities Research’s Paul Chew said in a commentary. “The risk of recession is high. We worry Trump has kicked start a negative feedback loop of cautious consumers and businesses that will spend less.”