By ELAINE KURTENBACH and MATT OTT, Associated Press Business Writers

Volatility returned to Wall Street Monday, with most major U.S. indices swinging to significant losses after President Donald Trump dismissed concerns over the possibility of his upcoming tariffs causing a recession.

Futures for the S&P 500 were down 1.4%, while futures for the Dow Jones Industrial Average lost 1.1%. Nasdaq futures slid 1.6%.

In an interview that aired on Fox News Channel Sunday morning, Trump acknowledged that his plans could affect U.S. economic growth in the short term though he fell short of predicting a recession this year. Trump said his plan to bring wealth back to American “takes a little time.”

Also this weekend, U.S. Commerce Secretary Howard Lutnick said on NBC’s “Meet the Press” that 25% tariffs on steel and aluminum imports will take effect Wednesday.

Whiplash actions from the White House on tariffs — first placing them on trading partners and then exempting some and then doing it again — have raised uncertainty for businesses.

That sparked fears businesses might freeze in response to what they have described as “chaos” and pull back on hiring. U.S. households, meanwhile, are bracing for higher inflation because of tariffs, which is weakening their confidence and could hold back their spending. That would sap more energy from the economy.

In equities trading before the bell Monday, Redfin soared 76.5% after Rocket Companies said it would acquire the online real estate platform for $1.75 billion. Detroit-based Rocket, a financial technology platform that includes mortgage, real estate and personal finance businesses, fell about 11%.

Tesla shares continued their slide, falling another 2.7% in premarket. Some experts blame falling sales at Elon Musk’s electric car company on the billionaire CEO’s embrace of right-wing politics and outsized influence in the Trump administration.

Apple shares fell 1.5% after the iPhone maker confirmed it was delaying the AI update to its Siri personal assistant until 2026.

Coming later this week are the latest reports on the U.S. labor market and inflation.

European shares also fell Monday after a mixed trading session in Asia as uncertainty persisted over what the Trump administration will do with tariffs.

Germany’s DAX lost 0.8%, the CAC 40 in Paris declined 0.2% and Britain’s FTSE 100 shed 0.6% .

Shares in China led losses in Asia, with Hong Kong’s Hang Seng index down 1.9% at 23,783.49. The Shanghai Composite index shed 0.2% to 3,366.16.

In the latest sign of weakness for the world’s second-largest economy, consumer prices fell in China in February for the first time in 13 months, the government reported Sunday, as persistent weak demand was compounded by the early timing of the Lunar New Year holiday.

In Tokyo, the Nikkei 225 gained 0.4% to 37,028.27. Japan’s trade minister, Yoji Muto, was visiting Washington for talks on ways to avert higher U.S. tariffs on Japanese exports of steel, aluminum, and automobiles.

“Taking into account the voices we have heard from the industrial sector, we would like to hold discussions that will be a win-win for both Japan and the U.S.,” Muto told reporters late last week.

Elsewhere in the region, Australia’s S&P/ASX 200 was up 0.2% at 7,962.30, while the Kospi in South Korea gained 0.3% to 2,570.39.

Taiwan’s Taiex lost 0.5% and the Sensex in India fell 0.3%. Bangkok’s SET slipped 1.7%.