Shares in Tokyo and Seoul fell more than two percent in early trade on Monday in response to US President Donald Trump's sweeping trade tariffs on Canada, Mexico and China.

Tokyo's benchmark Nikkei index fell 2.70 percent or 1,067.17 points to 38,505.32, while the broader Topix index lost 2.47 percent or 68.87 points to 2,719.79.

Meanwhile Seoul's KOSPI index fell 2.15 percent to 2,463 in early trade.

Wall Street shares slipped on Friday following the announcement that the United States would impose the new tariffs.

Trump on Saturday signed off on broad 25 percent tariffs on Mexico and Canada — despite a regional free trade pact — while hitting China with a 10 percent tariff in addition to levies already in place.

Ahead of the announcement, US equities were in the positive region in a cheery reaction to Apple results and US inflation data that met expectations.