U.S. stock-index futures were expected to open lower Sunday night after President Donald Trump announced heavy tariffs on imports from Canada, Mexico and China, as investors braced for volatility across financial markets.

Investors were sure the “Art of the Deal” schtick would mean import duties would be avoided. Now they face a world of “uncontrollable chaos”.

Global markets buckled up for a turbulent session on Monday after U.S. President Donald Trump launched a trade war with sweeping tariffs on Canada, Mexico and China that threaten to undermine economic growth and reignite inflation.

The dollar surged in early Asian trading and stocks were primed for losses after US President Donald Trump carried out his threat to impose general levies of 25% on Canada and Mexico and 10% on Chinese goods from Tuesday,

The invoking of national security to unravel trade agreements could scramble the international trading system in China’s favor.