Asia-Pacific markets traded in red on Monday amid fears of a global trade war following U.S. tariff measures, triggering a selloff in risk assets. President Donald Trump imposed a 25% tariff on Canadian and Mexican imports and a 10% tariff on Chinese goods,

China chose swift retaliation for trade measures in the first Trump administration, but that led to an upward spiral of trade measures and much broader tariffs.

China's government on Sunday denounced the Trump administration's imposition of a long-threatened 10% tariff on Chinese imports while leaving the door open for talks with the U.S. that could avoid a deepening conflict.