Markets plunge as Trump administration doubles down on tariffs

(CNN, KYMA/KECY) - This could be another rough day for retirement funds. The Trump administration is doubling down on tariffs as stock markets around the world plunge.

Those in Japan, South Korea, Taiwan, Australia and New Zealand report early losses Monday. Tumbles in U.S. stock futures Sunday follow back-to-back selloffs last week.

A universal 10% tariff on all imports is now in effect after starting on Saturday. This Wednesday, additional duties on products from dozens of countries are set to begin.

President Donald Trump says he only wants to make deals with countries that close trade deficits with the U.S.

He insists tariffs will be good for Americans in the end, though most mainstream economists say they'll lead to higher prices.