Among the biggest uncertainties is how a resilient US economy would handle the impact of a trade war, in case it materializes. That concern was evident in the bond market, where short-dated Treasury yields climbed as longer ones moved in the opposite direction.

The German and French stock markets were down about 2%, and London's FTSE 100 dropped more 1%, according to the British Broadcasting Corporation. However, the U.S. dollar strengthened on the currency markets as the Canadian dollar plunged to its lowest level since 2003, the BBC also reports.

Asia shares mostly fell in Monday trading as worries grow about President Donald Trump imposing tariffs on key U.S. trading partners. Japan’s benchmark Nikkei 225 lost 2.4% in