Asian stock markets in Tokyo and Hong Kong edge lower on Monday morning amid the escalation of trade war between the United States and China.

As of 02.00 GMT, key Japanese index Nikkei 225, which reflects the performance of 225 leading Japanese companies, was down 2.33 percent from Friday close to 20,228.50.

By the same time, Hang Seng, the main index of the Hong Kong Stock Exchange, fell 3.44 percent to 25,280.

On Friday, US President Donald Trump said that Washington would raise the existing tariffs on $250 billion worth of Chinese goods to 30 percent from 25 percent currently starting October 1. In addition, the tariffs would be raised to 15 percent from 10 percent on $300 billion worth of Chinese goods starting from September 1.

Earlier the same day, the Chinese State Council said tariffs ranging from 5 to 10 percent would be applied to $75 billion worth of US goods, with some taking effect on September 1 and others on December 15. The latter batch will also include a 25-percent duty on US cars.