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

Stocks surrendered early gains and closed lower after the White House said President Donald Trump would impose promised tariffs on some 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.

Solid results from Apple are buoying spirits, as investors brace for PCE inflation and weigh Trump's renewed tariff threat.

Stock futures tumbled Sunday night to kick off a new trading month, as investors weighed new U.S. tariffs on goods from key trade partners and their potential impact on the economy and corporate profits.

US stock market futures were tending down Sunday, one day after President Donald Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China.

Global markets buckled up for a turbulent session on Monday after U.S. President Donald Trump launched a trade war with sweeping tariffs on Canada, Mexico and China that threaten to undermine economic growth and reignite inflation.