Stock markets in Asia fell Monday amid investor concerns about new tariffs U.S. President Donald Trump announced he would levy on imports from China, Mexico and Canada.

Japan’s Nikkei index was down 2.4% at its midday break, while South Korea’s KOSPI index was trading down 3%.

Hong Kong’s Hang Seng index was down more than 2% in early trading before cutting its loses to 1.4% around midday.

U.S. stock futures were down ahead of those markets opening Monday.

Trump on Saturday announced the 25% tariffs on Canadian and Mexican goods, and a 10% tariff on Chinese goods.

Canada and Mexico have announced their own tariffs on U.S. goods in response to Trump’s move. China has pledged to take unspecified measures in its response.

China, Mexico and Canada are the top three U.S. trade partners.

Some information for this story was provided by The Associated Press and Reuters.