By Shashwat Chauhan (Reuters) -Futures for Wall Street's main indexes tumbled on Monday as fears of a full-blown trade war and its impact on the global economy jolted markets around the world after President Donald Trump levied steep tariffs on Mexico,

U.S. futures and global stocks were hit by a selloff early on Monday as markets around the world braced for a potential trade war triggered by President Donald Trump’s decision to impose sweeping tariffs on imports from Canada, Mexico, and China—which he acknowledged will cause “some pain” for American consumers.

Financial markets that had bet trade wars could be avoided are reassessing the risks of a sharp global slowdown, resurgent inflation and a pause to Federal Reserve rate cuts following Donald Trump's tariffs on top U.