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.

U.S. stock-index futures were expected to open lower Sunday night after President Donald Trump announced heavy tariffs on imports from Canada, Mexico and China, as investors braced for volatility across financial markets.

Gold edged higher at the open in Asia after President Donald Trump imposed sweeping tariffs on imports from Canada, Mexico and China, threatening trade wars that will spur inflation and damp global growth.