Markets sold off on Monday as investors digested Donald Trump's tariff announcements on Mexico, Canada, and China.

The stock market fell on Monday after President Donald Trump slapped tariffs on Canada, Mexico and China, eliciting threats of retaliation and setting the stage for a trade war. The Dow Jones Industrial Average slid about 550 points,

Over the weekend, President Donald Trump said the U.S. will levy 25% tariffs on Mexico and Canada and 10% tariffs on China. Stock market losses ranged from 1.4% to 2.5% in early trading Monday.

Among the S&P 500, 91% of stocks showed early declines following President Trump’s announcements of tariffs against Canada, Mexico and China.

U.S. President Donald Trump warned on Monday he might increase tariffs on China beyond the 10% he imposed on Saturday and that "we will speak to China" probably over the next 24 hours. He described the tariffs he placed on Chinese imports as an "opening salvo" in his drive for more balance in the U.

Asian stocks reliant on exports, ranging from Japanese carmakers to Chinese e-commerce firms, nosedived after US President Donald Trump unleashed his first wave of tariffs, signaling the beginning of a new round of global trade war.