The stock market is waiting anxiously for the next move on tariffs as China’s retaliation to levies from the U.S. has put markets on edge amid fears of an escalating tit-for-tat trade war between the two powers.

United States stock market futures plummeted after US President Donald Trump’s recently announced trade tariffs on China, Mexico and Canada, while almost half a trillion dollars exited crypto markets over the past 24 hours.

Wall Street opened lower on Monday following a worldwide selloff driven by concern that U.S. President Donald Trump's tariffs on Canada, Mexico and China are just the opening salvo in a global trade war that would curb economic growth.