US President Donald Trump has ordered tariffs on Canada, Mexico, and China, that will start on Tuesday. Investors fear that the tariffs will increase inflation and slow Federal Reserve rate cuts. Markets in Asia and US futures fell on Monday, while the dollar ticked up.

The trade war has arrived and stocks are taking it badly. U.S. stock futures were tumbling in sympathy with global markets as investors reckon with the imposition of new U.S. tariffs against Mexico, Canada and China.

Investors bought dollars, sold stocks and fretted about inflation on Monday in a scramble to assess the risk of trade war after Donald Trump put tariffs on top U.S. trading partners.