Wall Street extended its losses Monday amid President Trump's tariff-trade war, with the Dow Industrial Average at the opening bell losing 1,200.

The losses in U.S. financial markets were expected considering losses last week, after Trump announced across-the-board tariffs on U.S. trading partners and financial markets worldwide plunged early Monday.

Shares in Hong Kong plunged over 13% on Monday, the steepest one-day percentage drop since 1997.

In London, the FTSE 100 Index went down 5%. In Germany, the DAX is down 9%, according to CNN.

On Friday, the S&P 500 closed down 6% while the tech-heavy Nasdaq Composite dropped 5.8%. The Dow Jones Industrial Average fell over 2,200 points, or about 5.5%. On Thursday, the S&P had its worst day since early in the COVID-19 pandemic, according to NBC News.