The carnage in financial markets unleashed by President Donald Trump’s tariffs continued unabated on Monday.

Big tech stocks tumbled again in premarket trading on Monday, after Trump struck a defiant tone on his tariff policy. The US president told reporters on Sunday evening to “forget markets for a second.”

Super Micro and Palantir fell 11%; Tesla fell 10%; TSMC fell 9%; Arm, Nvidia, and AMD fell 8%; Meta and Amazon fell 6%; Apple fell 5%; Alphabet and Microsoft fell 4%.

“I don’t want anything to go down, but sometimes you have to take medicine to fix something,” Trump said.

Investor worries peaked as Trump’s remarks made clear that, unlike in previous financial meltdowns, the US government isn’t running to their rescue. As the tumult continued, some close to Trump urged him to rethink his plans ahead of an April 9th deadline for reciprocal tariffs to take effect.

“I strongly believe launching tariffs on April 9th against the entire world — massively in excess of what we are being charged — is a mistake,” billionaire Bill Ackman, the founder of hedge fund Pershing Square and a key Trump supporter, wrote in a post on X. Ackman said Trump isn’t “infallible” and called for a 90-day reprieve on the tariffs.

“This is not what we voted for,” he said in a separate post.

Speaking on Sunday, Treasury Secretary Scott Bessent said there is “no reason” to price in a recession. Bessent dismissed the market carnage as short-term reactions by “organic animals.”

“We get these short-term market reactions from time to time,” Bessent said. “The market consistently underestimates Donald Trump.”

“The tariffs are coming,” Commerce Secretary Howard Lutnick said Sunday on CBS’s Face the Nation, adding that Trump “announced it and he wasn’t kidding.”