The leaders of both Canada and Mexico got on the phone with President Donald Trump this past week to seek solutions after he slapped tariffs on their countries, but China’s president appears unlikely to make a similar call soon.

European shares dipped to their lowest in almost a month on Monday and world stocks followed as building deflationary pressure in China added to growth worries from a lacklustre U.S. economy and an escalating global trade war.

China threatened that it is "ready" for a "tariff war, a trade war or any other type of war" after Trump's administration doubled tariffs.