Premarket: Global stocks plunge on tariff turmoil, markets bet on rapid U.S. rate cuts

Major stock indexes plunged on Monday as U.S. President Donald Trump showed no sign of backing away from his sweeping tariff plans, and investors bet the mounting risk of recession could see the Federal Reserve cutting interest rates as early as May. Futures markets moved swiftly to price in almost five quarter-point cuts in U.S. rates this year, pulling Treasury yields down sharply and hampering the dollar on safe havens. The carnage came as Trump told reporters that investors would have to take their medicine and he would not do a deal with China until the U.S. trade deficit was…