Asian stocks tumbled further on Monday as a broad market sell-off deepened amid an escalating global trade war triggered by U.S. President Donald Trump’s sweeping tariff announcement last week.

Most Asian currencies weakened on Monday, with the dollar also declining amid heightened fears of a U.S. recession and global economic disruptions from U.S. President Donald Trump’s trade tariffs.

Oil prices fell sharply in Asian trade on Monday, extending recent declines after U.S. President Donald Trump largely doubled-down on his recent trade tariffs, ramping up concerns over slowing economic growth and weakening demand. 

Asian share markets and U.S. stock futures tumbled on Monday as fears of a global trade war led investors to ramp up bets on the risk of recession and a U.S. rate cut as early as May. [MKTS/GLOB]

Oil prices were down nearly 2% on Friday, and on track for the worst week in months over U.S. President Donald Trump’s new tariffs, stoking concerns that a global trade war could hurt oil demand.

The U.S. trade deficit narrowed in February, but the level of imports remained elevated after businesses front-loaded goods to avoid higher prices from tariffs, keeping trade on track to be a drag on economic growth in the first quarter.