US stocks tumbled after Trump confirms 25% Mexico and Canada tariffs will begin Tuesday. Crypto also gives up gains made on strategic crypto reserve.

Mirroring the selloff on Wall Street overnight, most Asian markets slumped up to 2 per cent today as tariff threats are turning into action, dragging domestic benchmarks at start.

Tariffs are taxes charged on goods imported from other countries. Most tariffs are set as a percentage of the value of the goods, and it's generally the importer who pays them. So, a 10% tariff means a product imported to the US from China worth $4 would face an additional $0.