Global stocks mostly dipped on Monday as investors digested President Donald Trump’s doubling of tariffs on American’s steel imports and as trade tensions with China flare up once again.

In Asia, Hong Kong’s Hang Seng index closed down 0.6%, while Australia’s S&P/ASX 200 and Japan’s Nikkei 225 finished the day 0.2% and 1.3% lower, respectively. South Korea’s KOSPI closed up 0.1%, however.

Stocks opened lower in Europe. The region’s benchmark Stoxx Europe 600 index had ticked down 0.4% by 6.12 am ET, while Germany’s DAX and France’s CAC had fallen 0.5% and 0.6% lower, respectively. London’s FTSE 100 was trading flat by the same time.

US futures were also in the red. Futures in the S&P 500 were down 0.5% and the Dow 0.4%. The tech-heavy Nasdaq index was down 0.7% before the opening bell.

Despite Trump’s tariff plan hitting a legal stumbling block last week, Trump upped the ante in his trade war again on Friday.

The president claimed that China had violated a trade truce agreed with the US last month that saw both sides drastically roll back tariffs on each other’s goods. In response, Beijing accused the US on Monday of “provoking new economic and trade frictions.”