A weekend pause did not change the down mood on the stock market given President Trump's tariff shock in the name of boosting U.S. manufacturing.

I'm David Brancaccio in Los Angeles.

Futures contracts for the S&P 500 stock index are down another 2.4% this morning, and we'll be watching to see if that key index gets labeled the bear market when trading officially begins in about two and a half hours. Bear is down 20%.

Stocks in Asia are a mess today. Japan's Niki index down 7.8%. Hong Kong down 13%. Here's the BBC's Marikooi.

It's been described by some analysts as absolute

cottage or even a financial bloodbath. All we've been seeing all day is CF red, arrows pointing

downwards. Now, the stock markets in mainland China, Hong Kong and Taiwan, they were

actually closed for a public holiday on Friday.

So they're playing a bit of a catch-up. And as a result, we're seeing even sharper losses

in those markets as well. Europe, London and Germany's key indexes are each down about 4%.

President Trump told reporters last night he doesn't want stocks to go down, but that, quote,

sometimes you have to take medicine to fix something.

A key question is how long 10% across the board tariffs and country-specific ones as high as 49% will last.

The big jumps kick in midweek.

Here's Marketplace's Nova Sopho.

The big question right now facing the Trump administration, are the new tariffs

permanent considering the global market meltdown? Trump's advisors have not been able to clear things up.

Commerce Secretary Howard Lutnik was on CBS's Face the Nation on Sunday. Remember, this is a national

security issue. I got it. Is the 10% tariff permanent Permanent? That, you know, the laws of America are the

laws of America. Meanwhile, Treasury Secretary Scott Besson said some 50 countries have reached out to

negotiate, but the president, speaking to reporters on Air Force One, appeared in no hurry to strike deals.

I said, we're not going to have deficits with your country.

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