US President Donald Trump’s sweeping tariffs package has sent the Danish stock market into a downward spiral.

The Danish stock market’s C25 index, which consists of the 25 most traded Danish stocks, was firmly in the red on Monday morning as share prices opened lower than the closing price on Friday.

The C25 index fell by 7.3 percent after 5 minutes of trading on the Copenhagen stock exchange, newswire Ritzau reported.

That continued the tumble on the Danish stock market, which saw a 6.2 percent fall on Friday, the second-largest of all time.

As of 9:30am, the index had recovered slightly to a 5.5 percent drop which nevertheless sees Danish companies lose a significant chunk of their stock exchange values.

Markets have fallen in Denmark, and globally, since US President Donald Trump announced tariffs against a number of countries, triggering fears of a global recession and global trade war.

Stock markets in the US, Asia and Europe have fallen sharply since last week’s tariff announcement. Tariffs are taxes charged on goods imported from other countries.

Trump has claimed that introducing tariffs would rebalance the US’s trade relationship with the world and boost the US economy, despite warnings that prices would rise for American consumers, and the subsequent stock market fallout.

READ ALSO: How will Denmark be affected by Trump tariffs?

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All 25 companies in the elite C25 index suffered, although Ambu and Coloplast fared best with declines of around 3 percent. Zealand Pharma, Maersk, and DSV dropped by more than 9 percent.

Novo Nordisk, which accounts for a large share of the index due to its high market value, was down 4.8 percent.

The slump on the Danish stock market mirrors sharp declines across Asian markets overnight and continued losses in Europe. Germany’s DAX index was down 6.8 percent on Monday morning, France’s CAC 40 down 5.6 percent, and the UK’s FTSE 100 had a drop of 5.3 percent.