Goldman Sachs analysts said on Sunday evening that they now expect an even greater chance of a U.S. recession in 2025, especially after President Donald Trump unveiled his agenda for reciprocal tariffs. 

U.S. President Donald Trump warned foreign governments they would have to pay "a lot of money" to lift sweeping tariffs, characterising the duties as "medicine" and delivering more pain for global financial markets on Monday.

Saudi Arabia, the world’s top oil exporter, on Sunday slashed crude oil prices for Asian buyers in May to their lowest in four months, following a recent shock decision by the OPEC+ oil group to speed up oil output hikes.

Asian stocks tumbled further on Monday as a broad market sell-off deepened amid an escalating global trade war triggered by U.S. President Donald Trump’s sweeping tariff announcement last week.

Most Asian currencies weakened on Monday, with the dollar also declining amid heightened fears of a U.S. recession and global economic disruptions from U.S. President Donald Trump’s trade tariffs.

Oil prices fell sharply in Asian trade on Monday, extending recent declines after U.S. President Donald Trump largely doubled-down on his recent trade tariffs, ramping up concerns over slowing economic growth and weakening demand.