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.

Investors are waking up to US President Donald Trump's tariff threats on key trading partners after a brief honeymoon. On Saturday, Trump ordered 25% tariffs on goods from Canada and Mexico and a 10% tariff on China,

President Donald Trump said the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans as global markets reflected concerns the levies could undermine growth and reignite inflation.