Asian shares slid on Monday morning after US President Donald Trump followed through on his promise to impose tariffs on Canada, Mexico and China.
Investors are bracing for a potential trade war that could hit the earnings of major companies and dent global growth.
Canada and Mexico have said that they will hit back with retaliatory tariffs while China promised “corresponding countermeasures” and vowed to challenge Trump’s move at the World Trade Organization. Trump has said the tariffs are necessary to halt the flow of illegal drugs and immigration into the US.