Major Asian stock indexes tumbled on Monday as White House officials showed no sign of abandoning their sweeping tariff plans and investors bet on rising U.S. recession risks that interest rates could be cut as early as May, with futures markets quickly reflecting expectations for nearly five U.S. rate cuts of 25 basis points this year. Sean Callow, senior FX analyst at ITC Markets in Sydney, said: "The only real circuit breaker is President Trump's rhetoric and there is little indication that the market sell-off has bothered him enough to make him reconsider the policy stance he has believed in for decades." Investors had previously believed that the trillions of dollars in lost wealth and the potentially crippling economic impact would make Mr. Trump reconsider his plans.