Asia stock markets trade in red on Monday, followed President Trump's announcement on Friday of plans to raise steel import tariffs from 25% to 50%, effective Wednesday, framing it as a step to reduce reliance on China.

China added fuel to simmering trade tensions with the US, setting investors on guard as they turned the page on a bullish May.

The aggregate volume of futures on Chinese 10-year and 30-year government bonds both fell to their lowest levels since February on Tuesday, according to data from the onshore financial futures exchange.