Asian stock markets tumbled on Friday after US President Donald Trump confirmed tariffs on Mexico, Canada, and China, rattling investor sentiment. The announcement, which marks a renewed escalation in trade tensions,

The long-promised tariffs scheduled to take effect Tuesday would easily be among the most sweeping of the Trump era, applying to roughly $1.5 trillion in annual imports.

Trump has vowed to impose 25% tariffs on all imports from Canada and Mexico, with 10% for Canadian energy. CEOs and economists say the action, covering more than $900 billion worth of annual U.S. imports from its southern and northern neighbors would deal a serious setback to the highly integrated North American economy.