A growing number of countries, including American allies, are striking trade deals as the Trump administration erects a higher fence around its global commerce.

President Donald Trump has finally made good on a campaign promise to raise tariffs on Chinese imports – announcing on Saturday duties of 10% on all Chinese goods coming in the country as part of sweeping trade measures that also targeted Mexico and Canada.

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.

Stocks in the US dropped Monday morning, following European and Asian markets lower as investors digested Trump's tariff announcements.