US stock futures pointed to sharp losses for the major indexes, as Wall Street showed the effects of President Donald Trump’s announcement of tariffs.

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Over the weekend, President Donald Trump said the U.S. will levy 25% tariffs on Mexico and Canada and 10% tariffs on China. Stock market losses ranged from 1.4% to 2.5% in early trading Monday.

US stock futures pointed to sharp losses for the major indexes, as Wall Street showed the effects of President Donald Trump’s announcement of tariffs.

The stock market fell on Monday after President Donald Trump slapped tariffs on Canada, Mexico and China, eliciting threats of retaliation and setting the stage for a trade war. Traders demonstrated their jitters with a selloff of U.

D: President Trump’s threat to impose new U.S. tariffs on imports from China, Mexico and Canada drove down stocks multiple sectors Monday, with shares of several media companies falling as investors grappled with America’s new trade wars.

President Trump agreed to a one-month delay on Mexican tariffs, but levies on Canadian and Chinese goods are still poised to begin at midnight.