U.S. stock markets dropped on Monday, extending a sell-off that has swept across global markets as investors were gripped with fear about potential economic devastation from President Trump’s tariffs.

Trump’s announcement last Wednesday of a minimum 10% worldwide tariff, as well as higher “reciprocal” tariffs on dozens of countries, has fueled concerns about the likelihood of a recession. Several major investment banks have cut their forecasts for the economy in recent days, with Goldman Sachs being the latest. The business community in general has tried to avoid criticizing Trump in public and has welcomed his promises of lower taxes and deregulation. But now, the ongoing market selloff appears to have spurred some business leaders to speak out, including some of Trump’s vocal supporters. 

Financial markets around the world have plummeted in the days since President Trump announced sweeping tariffs, setting off a global trade war. The S&P 500 declined more than 10 percent in two days last week, and it swung wildly on Monday amid news of further tariffs and rumors of delays. Stock indexes in Asia and Europe have fallen sharply, as well. Experts often caution that the stock market can be a misleading measure of the broader economy. Share prices can move for a host of reasons: technological developments, shifts in consumer preferences, changes in tax or interest rate policy. Sometimes, though, the markets carry an economic message, and, in recent days, they have been speaking unusually clearly. Investors overwhelmingly believe that Mr. Trump’s tariffs, and retaliation from U.S. trading partners, will lead to higher prices, slower growth and possibly a global recession.