Stock markets around the world plummeted a cumulative $1 trillion after Beijing retaliated against Trump’s Friday tariff hike on over $200 billion of Chinese goods, according to Time Magazine.
The MSCI All-Country World Index fell 2% -- its worst-performing session in five months.
The S&P 500 alone lost close to $600 billion after sliding 2.5 percent on Monday, an amount that is roughly equal to the combined market cap of Facebook and home products retailer Lowes, according to Bloomberg.
The loss is also larger than the $539 billion the U.S. imports from China in 2018.
The Nasdaq Composite plunged close to 3%, while European stocks dropped 1.2% and emerging-market stocks fell 1.7%.
Trump’s ongoing trade war has driven stocks lower in each of the past six trading days, a trend that escalated on Monday as investors pulled out of risky investments and moved to safe bets like gold and Japan’s Yen.