A board on the floor of the New York Stock Exchange shows the DJIA up over 50 points after the opening bell at the NYSE on Wall Street on Tuesday, Jan. 28, in New York City. UPI-Yonhap

Futures for Wall Street's main indexes tumbled on Monday as fears of a full-blown trade war and its impact on the global economy jolted markets around the world after President Donald Trump levied steep tariffs on Mexico, Canada and China.

Over the weekend, Trump imposed hefty new tariffs of 25 percent on imports from Mexico and Canada, and 10% on China — which he said may cause "short-term" pain for Americans.

"Breaking global trade may seem like the thing to do to resurrect the U.S. industrial economy, a noble ambition, but, break trade and you disrupt global capital flows necessary to finance the US budget deficit," an analyst at GlobalData.TS Lombard wrote in a note.

Trump said he would talk on Monday with the leaders of Canada and Mexico, which have announced retaliatory tariffs, but downplayed expectations that they would change his mind.

The iShares MSCI Mexico ETF lost 3.5 percent in premarket trading, while an ETF tracking Canada slipped 2.2 percent.

At 07:12 a.m., Dow E-minis were down 612 points, or 1.37 percent, S&P 500 E-minis were down 97.5 points, or 1.61 percent and Nasdaq 100 E-minis were down 403.75 points, or 1.87 percent.

Futures for the economically-sensitive Russell 2000 smallcaps index slumped more than 2 percent. (Reuters)