Asia markets slumped on Monday after Donald Trump slapped tariffs on Canada, Mexico and China, sparking fears that another bruising ‘America First’ trade war that could hit global growth.

Asia-Pacific markets opened lower Monday after U.S. President Donald Trump levied tariffs on Canada, Mexico and China over the weekend. Australia's S&P/ASX 200 dropped 1.86%. Japan's Nikkei 225 fell 1.84% at the open, while the Topix lost 1.75%. South Korea's Kospi dropped 2.32% and the small-cap Kosdaq traded 1.9% lower.

Mumbai, Feb 3 (IANS) The domestic benchmark indices opened sharply lower on Monday, as Asian markets tumbled after US President Donald Trump announced trade tariffs which are set to come into effect from Tuesday.At around 9.33 a.m., the Sensex was trading over 400 points down at 77,103.22 while the Nifty was down 154 points at 23,328.00.

Asia's factory activity weakened in January as soft Chinese demand and threats of higher tariffs by U.S. President Donald Trump weighed on business sentiment, private surveys showed on Monday, darkening the outlook for the region's economy.

Asia shares are mostly declining as worries grow about President Donald Trump imposing tariffs on key U.S. trading partners

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 to respond with "corresponding countermeasures" and vowed to challenge Trump's move at the World Trade Organization.

Shares of Japanese and South Korean car makers and their suppliers led declines in Asia on Monday, as exporters across the region were walloped by U.S. President Donald Trump's introduction of sweeping tariffs on Mexico,

Factories across Asia expanded at a lackluster pace in January as demand cooled, ahead of a trade war that President Donald Trump kicked off on the weekend.

Asian stocks plunge as Trump’s tariffs spook markets Stock markets in Asia dropped on Monday after US tariffs on China, Canada and Mexico triggered fears of a hit to global growth. Japan's Nikkei index tumbled as much as 2.