U.S. futures and global stocks were hit by a selloff early on Monday as markets around the world braced for a potential trade war triggered by President Donald Trump’s decision to impose sweeping tariffs on imports from Canada, Mexico, and China—which warned of “necessary countermeasures.”

Trump's wide-ranging tariffs on Mexico, Canada and China divided lawmakers and world leaders over the weekend. President Donald Trump is expected to speak with Canadian Prime Minister Justin Trudeau and Mexican leaders today, two days after he announced he would impose sweeping tariffs on both countries and China.