MOSCOW - The Kremlin spokesperson Dmitry Peskov criticized the United States for its sweeping tariff hikes, accusing it of undermining global economic stability.

"We are closely monitoring the current situation, which remains highly volatile and emotionally charged," he said during a daily briefing on Monday.

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The US-imposed tariffs on numerous countries have created a climate of economic tension and pessimistic global market projections, said Peskov.

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"Of course, we are doing and will do everything necessary to minimize the consequences of this global economic turmoil for our economy," he added.

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US President Donald Trump signed an executive order Wednesday on so-called "reciprocal tariffs", imposing a 10 percent "minimum baseline tariff" and higher rates on certain trading partners.

Stock markets across the Asia-Pacific traded sharply lower on Monday as financial turmoil sparked by the US decision escalated recession fears worldwide.