US stock futures pointed to sharp losses for the major indexes, as Wall Street showed the effects of President Donald Trump’s announcement of tariffs.

U.S. equity futures tumbled in early Monday trading, while energy prices leaped and the dollar soared to a two-year high against its currency peers as markets reacted to the weekend tariff announcements of President Donald Trump and their potential to trigger a global trade war.

Over the weekend, President Donald Trump said the U.S. will levy 25% tariffs on Mexico and Canada and 10% tariffs on China. Stock market losses ranged from 1.4% to 2.5% in early trading Monday.

Wall Street opened lower after Trump's tariffs on Mexico, Canada and China, sparking fears of trade wars that'll slow economies and ignite inflation.

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

By Yoruk Bahceli, Tom Westbrook and Naomi Rovnick LONDON/SINGAPORE (Reuters) - Financial markets that had bet trade wars could be avoided are reassessing the risks of a sharp global slowdown, resurgent inflation and a pause to Federal Reserve rate cuts following Donald Trump's tariffs on top U.

President Trump announced fresh tariffs on Canada, Mexico, and China that look set to reshape global economies.