U.S. markets were set to open sharply lower as well. President Trump said on Sunday that he would not back off his trade war, reinforcing fears of a global economic downturn.

Stock markets posted big losses on Monday as investors fear a global trade war. President Donald Trump has given no sign of backing down on tariffs.

U.S. stock futures plunged Sunday evening, an indication that the market turmoil that began last week will continue when trading opens Monday, NBC News reported.