SHANGHAI (Reuters) – Global financial markets tumbled on Monday after U.S. President Donald Trump unexpectedly jacked up pressure on China to reach a trade deal, saying he would hike U.S. tariffs on Chinese goods this week.

FILE PHOTO – An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. REUTERS/Thomas Peter

Equity markets, which had been largely expecting a trade accord, fell sharply across export-reliant Asia as further talks were thrown into doubt.

Chinese shares plunged more than 4 percent at one point, while U.S. stock market futures fell close to 2 percent.[.N] Oil prices plunged and the Chinese yuan tumbled.

Trump sharply escalated tensions between the world’s two largest economies with tweeted comments on