European stock markets and the euro currency took a sharp hit on Monday, as the latest U.S. tariff measures fueled concerns.

Monday's trading sessions marked the first since U.S. President Donald Trump signed executive orders on Saturday to impose a 25-percent additional tariff on imports from Canada and Mexico and a 10-percent tariff hike on imports from China, which has drawn widespread opposition and immediate retaliations.

The euro weakened from 0.959 euros per dollar on Friday, before the tariff announcement, to 0.981 euros per dollar on Monday.

European stock markets also reacted negatively to the developments. While major exchanges recovered slightly toward the end of the session, all closed with losses of at least 1 percent.

In Milan, the blue-chip index on the Italian Stock Exchange ended 1.4 percent lower after dropping as much as 2.5 percent earlier in the day. France's Paris Stock Exchange shed 1.3 percent, while blue chips on the Frankfurt Stock Exchange in Germany declined 1.1 percent.

London's blue-chip stocks also fell 1.1 percent on Monday.

Bond markets were not spared from the turbulence, as yields climbed and investors moved capital into perceived "safe" markets.