Global Markets Today, Oct. 13 -- Asian markets declined on Monday as the U.S. and China escalated trade restrictions and exchanged new accusations, reigniting tensions between the two largest global economies.

On Sunday, China said that "we are not afraid" of a trade war with the United States, following President Donald Trump's announcement of additional retaliatory tariffs on Chinese goods.

Goldman Sachs said in a note on Sunday that China's latest policy moves could indicate an effort to seek larger concessions from the U.S.

In the broader region, Australia's S&P/ASX 200 slipped 0.68 per cent, while South Korea's Kospi tumbled 2.35 per cent and the Kosdaq fell 2.24 per cent.

Futures for Hong Kong's Hang Seng Index suggested a weake...