Neil Roarty, cryptocurrency analyst at ClickOut Media said:

Oil prices extended losses after Trump announced a one-month suspension of tariffs imposed on Canada and Mexico but slapped China with 10% tariffs.

Brent crude futures retreated 1.1% to $75.01 per barrel, while US West Texas Intermediate (WTI) crude tumbled 1.8% to $71.82 per barrel.

China's 2024 crude oil imports from the United States account for 1.7% of its total crude imports, according to customs data.

"WTI flows to China will be impacted, as a 10% tariff ... will render WTI delivered to China very expensive against other alternative crude like Kazakhstan's CPC and Abu Dhabi's Murban," June Goh, senior analyst at Sparta Commodities, told Reuters.

"However, in the big scheme of things, this should not impact the price of WTI significantly as WTI can still flow to other regions easily."

Meanwhile, the OPEC+ group decided in its meeting on Monday to maintain its current supply strategy. From April, it will continue increasing production by 120,000 barrels per day each month.

Pedro Goncalves writes:

Gold prices were mixed but still near record highs as safe haven demand was fuelled by China’s announcement of retaliatory tariffs on US goods, while investors turned their attention to key US jobs data scheduled for release this week.

The spot price of gold rose 0.5% to $2,814.35 per ounce, while gold futures fell 0.5% to $2,841.40.

"It's quite likely that there will be a broader and wider range of tariffs applied or discussed, which will create more volatility and gold will probably benefit despite the strong dollar environment," said Nicholas Frappell, global head of institutional markets at ABC Refinery.

Bullion is traditionally seen as a hedge against both inflation and geopolitical uncertainty.

US prices of gold and silver have surged above international benchmarks in recent weeks, causing dealers and traders to rush significant volumes of the metals into the US before any tariffs are imposed.

"We see near-term price projection target at the $2,874 level, followed by the psychological $3,000 level," IG market strategist Yeap Jun Rong said.

Investors are also closely watching key US jobs reports this week, including job openings data due later on Tuesday, the ADP employment report on Wednesday, and the nonfarm payrolls report on Friday.

Neil Wilson, analyst at TipRanks, points out:

GM (GM) –3.15% Monday, +2.5% pre-market today – Mexico/Canada reprieve

Ford (FORD) –1.88% Monday, +1.62% this morning – as above

VW (VWCE.DE) – weaker again this morning on China, but some reprieve from Mex/Can

VW makes 43% of its U.S. sales in Mexico, while Nissan (NSANY) is on 27% and Stellantis (STLAM.MI) 23%, according to S&P Global Mobility. Among the Detroit-based automakers, GM is more exposed than peers, with 22% of its U.S. sales produced in Mexico compared with 15% for Ford.

Stocks were slightly lower in premarket trade.

Here's the full breakdown of what is proposed by Beijing.

• A 15% tariff on coal and LNG

• A 10% tax on crude oil, agricultural machinery, pickup trucks and large-engine cars

• An anti-monopoly investigation into Google (GOOG)

• Export controls on 25 types of rare metal products

• Adding PVH Corp (PVH), the holding company for Calvin Klein and other brands, and US biotechnology company Illumina (ILMN) to its "unreliable entities" list.

Several things changed overnight in this constantly shifting levy landscape.

The tariffs, initially set to take effect on Tuesday, included 25% duties on Canada and Mexico, and 10% on China. Energy imports from Canada will carry a lower 10% duty.

When the Yahoo Finance UK team logged off yesterday, Mexico had already moved to extend. Here's the state of play.

Mexico

Following a Monday morning call with Mexico's president Claudia Sheinbaum, Trump announced tariffs against Mexico would be delayed by a month after Sheinbaum agreed to send soldiers to the countries' border to stop the flow of fentanyl and illegal migrants into the US.

Canada

Prime Minister Justin Trudeau said he spoke with Trump and agreed Canada will reinforce its border in exchange for a 30-day postponement on tariffs

China

Beijing announced it will impose retaliatory tariffs on a raft of American products, including 15% on coal and 10% on crude oil.

From our US team:

US stocks fell on Monday in reaction to the Trump administration's scheduled tariff rollout against Canada and China, though the major averages pared heavier losses after President Donald Trump said the US would delay duties on Mexican imports by a month.

The tech-heavy Nasdaq Composite (^IXIC) closed down 1.2%, recouping a chunk of its earlier losses. Meanwhile, the S&P 500 (^GSPC) fell roughly 0.7%, and the Dow Jones Industrial Average (^DJI) fell 0.3%.

Consumer discretionary (XLY) stocks, which includes automakers, were hit over fears of tariff impacts. Tech (XLK) also lagged as shares of AI chip giant Nvidia (NVDA), iPhone maker Apple (AAPL) and EV manufacturer Tesla (TSLA) all fell over 2.5%.

Good morning from London. We're here again, ready to bring you the markets and business news of the day. We're well into earnings season now, and there are a bevvy of big companies reporting results today, including:

In the UK: Crest Nicholson (CRST.L) and Vodafone (VOD.L).

Overeseas: Alphabet (GOOG), AMD (AMD), Pfizer (PFE), PayPal (PYPL), Spotify (SPOT), Super Micro Computer (SMCI), UBS (UBS), BNP Paribas (BNP.PA), Mitsubishi (7011.T), Nintendo (NTDOY).

We'll also be on tariff watch.

Let's get to it.