(fxcue news) - The antipodean currencies such as the Australia and the New Zealand dollars weakened against their major counterparts in the Asian session on Monday, as Asian stock markets traded lower amid ongoing concerns about a global trade war after China announced retaliatory tariffs on U.S. goods in reaction to U.S. President Donald Trump's new levies that could fuel inflation and damage the global economy. China announced a 34 percent tariff will be imposed on all imported goods from the U.S. as of April 10, while Canada and the European Union are also preparing countermeasures. The new tariff matches the "reciprocal tariff" Trump plans to impose on China, although the country will face a 54 percent effective rate when the new levies are combined with existing duties. China called Trump's tariff plan a "typical unilateral bullying practice" that is "inconsistent with international trade rules." Responding to the news in a post on Truth Social, Trump argued China "played it wrong" and "panicked," calling the move "the one thing they cannot afford to do." Crude oil prices showed another substantial move to the downside on continuing concerns about the impact a global trade war will have on fuel demand. West Texas Intermediate for May delivery plunged $4.95 or 7.4 percent to $62 a barrel, a three-year low. The Reserve Bank of New Zealand (RBNZ) is expected to cut its Official Cash Rate (OCR) by 25 bps to 3.50 percent at its April meeting on Wednesday. In the Asian trading today, the Australian dollar fell to more than 5-year lows of 0.5957 against the U.S. dollar, 1.8388 against the euro and 0.8488 against the Canadian dollar, from last week's closing quotes of 0.6041, 1.8116 and 0.8589, respectively. If the aussie extends its downtrend, it is likely to find support around 0.58 against the greenback, 1.86 against the euro and 0.83 against the loonie. Against the yen and the New Zealand dollar, the aussie dropped to more than a 2-year low of 86.68 and nearly a 1-year low of 1.0795 from Friday's closing quotes of 88.74 and 1.0795, respectively. The aussie may test support near 85.00 against the yen and 1.06 against the kiwi. The New Zealand dollar fell to more than a 5-year low of 1.9840 against the euro and nearly a 3-year low of 80.33 against the yen, from Friday's closing quotes of 1.9576 and 82.19, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.99 against the euro and 79.00 against the yen. Against the U.S. dollar, the kiwi slipped to more than a 2-month low of 0.5521 from last week's closing value of 0.5595. On the downside, 0.53 is seen as the next support level for the kiwi. Looking ahead, Eurozone Sentix investor confidence data for April and Eurozone retail sales data for February are slated for release in the European session. In the New York session, U.S. Consumer Credit Change for February, U.S. Consumer Board's Employment Trends Index for March and Canada Leading Index for March are due to be released.