US President Donald Trump this week announced heavy tariffs on his country's three biggest trading partners, raising fears of a global trade war among investors. US markets opened with a big drop on Monday. European markets declined on Monday after US President Donald Trump threatened to impose trade tariffs on several countries and do the same with the European Union and the UK.

The S&P 500 fell 1 percent in morning trade after a sharp decline in Asian and European stock markets. By 10:30 am, the Dow Jones Industrial Average fell 233 points or 0.5%, and the Nasdaq Composite fell 1.4 percent. The Dow fell by up to 665 points in early trade. Decline in US market After the US market opened, the Dow Jones fell by more than 1.39 percent. While the S&P 500 fell by 1.50 percent and the Nasdaq 100 fell by 1.80 percent. However, the market is recovering after the decline. Canada and Mexico are facing a 25% duty on exports to the US, while a 10% duty has been imposed on Chinese goods. Canada has already imposed a retaliatory duty of 25 percent on US goods worth US$ 155 billion.