The carnage in financial markets unleashed by President Donald Trump’s tariffs is continuing unabated as equities get pummeled and US stock futures show that last week’s $5 trillion wipeout isn’t over.

S&P 500 futures pointed to a loss of about 5% when Wall Street starts trading. Treasuries rallied, pushing the 10-year yield to 3.9%. From Shanghai to London, investors bailed on any kind of risky asset. Europe’s Stoxx 600 tumbled 6% and Asia’s index posted its steepest loss since 2008.