The Chinese government announced the tariffs last week, shortly after President Trump raised tariffs on Chinese products for the second time since he took office in January. The Chinese tariffs will include a levy of 15 percent on U.S. products like chicken, wheat and corn, as well as 10 percent on products like soybeans, pork, beef and fruit.

Futures tied to Canada's main stock index fell on Monday as concerns of a global trade war persisted, while investors also eyed the Bank of Canada's interest rate decision later in the week.

Major stock markets in the Gulf fell in early trade on Monday as U.S. import tariffs sparked concerns over global economic growth, causing investors to shy away from riskier assets.

The leaders of both Canada and Mexico got on the phone with President Donald Trump this past week to seek solutions after he slapped tariffs on their countries, but China’s president appears unlikely to make a similar call soon.

The economy in 2018 was much different than the one today, and so are the Fed's options for keeping it on track.

By Kevin Buckland TOKYO (Reuters) -Wall Street futures sank and the safe-haven yen and Swiss franc strengthened on Monday as building deflationary pressures in China added to growth worries from a lacklustre U.