(Reuters) - Canadian stock index futures tumbled on Monday, as recession fears intensified after U.S. President Donald Trump showed no sign of backing away from his sweeping tariff plans, sending shockwaves through global markets.

The futures on the S&P/TSX index were down 2.1% at 6:58 a.m. ET (1058 GMT), hitting their lowest since August 2024.

Trump told reporters late on Sunday that market selloffs aren't intentional and investors must endure the consequences, adding that he would refrain from negotiating with China until the U.S. trade deficit is addressed.

As economic uncertainty deepened, the U.S. futures markets moved swiftly to price in almost five quarter-point interest rate cuts this year despite Federal Reserve Chair Jerome Powell indicating on Friday that the U.S. central bank officials "don't need to be in a hurry" until the economic direction becomes clearer.

Traders now place 66% odds on a 25 basis-point rate cut at the Bank of Canada's next meeting on April 16.

In commodities, gold prices held steady due to strong central bank demand and the potential for an early Fed rate cut, but gains were capped as some investors sold bullion to cover losses in other trades.

Oil prices extended losses, falling nearly 4% amid recession fears and OPEC+'s planned supply increase.

Base metal prices in China tumbled due to trade war fears, while London metals flipped to a decline after rising on arbitrage trading.

Canada's main index ended more than 10% below its January 30 record closing high on Friday, after China's move to retaliate against U.S. tariffs.

In corporate news, Wesdome Gold Mines agreed to acquire Angus Gold.

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