An electronic display in the dealing room of Hana Bank in Seoul, South Korea, shows the state of play of the benchmark Korea Composite Stock Price Index at the close on Thursday after investors dumped stocks in response to Trump’s “Liberation Day” tariffs announcement. Markets around the world extended losses into a second day on Friday. Photo by Yonhap/ EPA-EFE

Japanese Prime Minister Shigeru Ishiba, having initially calmly called Trump’s 24% levy on Japanese goods “unfortunate,” set alarm bells ringing Friday by telling lawmakers the country was facing a national crisis.”

Ishiba said he would seek urgent talks with Trump, most likely by phone in the first instance. Opposition leaders urged Ishiba to seek a face-to-face meeting.

Analysts warned the tariffs, taken together with the 25% levy on cars, could trigger an economic recession, with the potential to shave more than 0.7% off Japanese economic growth in the first year and inflict a negative 2% hit to Japanese GDP growth in the medium term.

Markets in Singapore, Taiwan, Hong Kong and China were closed for a holiday Friday. That didn’t stop China from retaliating to the hefty tariffs on its imports, announcing 34% tariffs of its own on U.S. goods coming into the country.

In Europe, the sell-off continued from where it left off on Thursday, with the blue-chip FTSE 100 Index in London trading 1.78% lower, down 150 points at 8,324 in mid-morning trade, with the pace of the decline gaining momentum from Thursday when the index lost 1.6% of its value.

In Frankfurt, Germany’s main Xetra DAX index was down more than 540 points, around 2.5%, while France’s CAC 40 was off by 2.2% and the wider Stoxx 50, the eurozone’s blue-chip index, was down 2.6%.

The disarray in the markets came as the International Monetary Fund issued a warning of “significant risk” to the global economy from Trump’s tariff measures imposing minimum 10% tariffs on all U.S. trading partners, with some slapped with rates of more than 50%.

“We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth,” IMF Managing Director Kristalina Georgieva said in a statement.

“It is important to avoid steps that could further harm the world economy. We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty.”

Georgieva said the United Nation-funded body would have more to say about the impact when it published its latest assessment of the prospects for global growth at the IMF/World Bank Spring Meetings in Washington, April 21 through April 26.

After-hours trading in the United States signaled another tumultuous day ahead for U.S. markets with CNBC reporting the data showed the Dow Industrial Average heading for another 1,000-point plunge Friday.

Premarket activity saw declines in bank shares and companies highly exposed to China, mostly tech giants, with Apple and Qualcomm stock falling 5% and 6%. Tesla was down 5% and Nvidia around 4%.

Trump remained upbeat, telling reporters Thursday night that it was all going according to plan and that he was determined to stay the course.

“I think it’s going very well. It was an operation. Like when a patient gets operated on and it’s a big thing. I said this would exactly be the way it is,” adding that countries impacted were now beating a path to his door in hopes of “making a deal.

“The markets are going to boom, the stock is going to boom, the country is going to boom, and the rest of the world wants to see is there any way they can make a deal. They’ve taken advantage of us for many, many years. For many years we’ve been at the wrong side of the ball. And I’ll tell you what, I think it’s going to be unbelievable.”