major Asian stock indices plummeted on Monday as White House officials showed no signs of abandoning their comprehensive tariff plan. Investors are betting on the rising risk of a US economic recession, with the earliest possible rate cut in May. The futures market quickly reflected the expectation of nearly five rate cuts of 25 basis points in the US this year.

Sean Callow, senior foreign exchange analyst at Sydney ITC Markets, said: "The only real circuit breaker is President Trump's remarks, and there is almost no sign that the market sell-off is enough to make him reconsider his policy stance that he has believed in for decades." Previously, investors believed that the trillions of dollars in wealth losses and the potential economic devastation would make Trump reconsider his plans.