Traders had initially welcomed his election on optimism that his promised tax cuts and deregulation would boost the world's top economy and help equities push to more record highs.
The president’s weekend comments that the economy was facing “a period of transition” and his refusal to rule out a downturn did little to soothe investor worries.
Uncertainty over Trump's tariffs and threats have left US financial markets in turmoil and consumers unsure of what the year might bring.
And Asia followed suit in the morning with big losses across the board, though they pared the losses as the day wore on.
Hong Kong was flat and Shanghai ended higher, having tanked at the open. They both fell Monday following a big miss on Chinese consumer prices that added to worries about the Chinese economy.
London fell at the open while Frankfurt and Paris were higher.
“Economic uncertainty and recession fears have intensified, partly driven by President Trump’s weekend comments about the economy being in ‘a period of transition’ and his reluctance to rule out a recession,“ said Shaun Murison, senior market analyst at IG online trading platform.
“These tariffs could potentially elevate prices and complicate efforts to reduce interest rates.”
The cryptocurrency’s losses have also been driven by disappointment that Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of it.
Key figures around 0815 GMT
Hong Kong - Hang Seng Index: FLAT at 23,782.14 (close)
London - FTSE 100: DOWN 0.2 percent at 8,579.20
Pound/dollar: UP at $1.2906 from $1.2878
Euro/pound: UP at 84.31 pence from 84.13 pence
Brent North Sea Crude: UP 0.5 percent at $69.59 per barrel
New York - Dow: DOWN 2.1 percent at 41,911.71 points (close)
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