Mumbai, Feb. 3 -- Asian stocks slumped on Monday as U.S. President Donald Trump Donald Trump followed through on his promise to impose tariffs on Canada, Mexico and China, and also threatened possible tariffs against the United Kingdom and the European Union, marking a significant trade escalation.

Canada and Mexico ordered retaliatory tariffs on American goods while China vowed countermeasures. The EU also warned of firm retaliation if targeted.

Investors fear that a trade war could hit the earnings of major companies and dent global growth.

The U.S. dollar rallied on risk-off sentiment, denting demand for bullion. Oil prices jumped, with WTI crude futures rising more than 2 percent on supply disruption fears.

Markets in mainland Chi...