Stocks globally plummeted again Monday as President Donald Trump dug in on his tariffs, which many economists predict will quickly send the global economy into a recession.

Trump’s first comments Monday showed no capitulation on tariffs, suggesting “the slow moving Fed should cut rates!” and falsely claiming “there is NO INFLATION.” Economists and policymakers widely agree inflation will worsen under Trump’s tariffs, and, even prior to the trade policy shift, inflation is still well above the Federal Reserve’s 2% goal. The historically politically independent Fed will conduct a closed-door meeting among its governing board Monday. Trump has not blinked at the stock market rout his policies initiated, even sharing a post Friday claiming he’s crashing the market “on purpose.”

A bear market occurs when a financial asset, most commonly a stock index, declines 20% or more from a recent high. Prior to the tariff stock meltdown, all three major U.S. indexes last entered bear market territory in 2022 as inflation raged at a four-decade high, causing the Federal Reserve to dramatically raise interest rates.

The Nasdaq officially entered a bear market Friday, and the Dow and S&P are not far behind. The Dow’s futures-implied open would put it 17% below its December all-time high and the S&P’s implied open would place it 19.5% below its February peak. The Nasdaq is set to begin normal trading 25% below its December record.

Stocks tumbled in regular Europe and Asia trading Monday, as Europe’s Stoxx 600 and the U.K.’s FTSE 100 indexes tumbled 5% apiece and China’s CSI 300 and Japan’s Nikkei 225 indexes fell 7% and 8%, respectively.