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(CNN) — US stock market futures plunged Sunday, one day after President Donald Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China set to go into effect on Tuesday.
Dow futures were down 1.4%, or over 600 points, while S&P 500 futures dropped 1.9%. The futures traded for tech-heavy Nasdaq Composite were down 2.4% as of 6:36 p.m. ET. Bitcoin was also down 3.5% over the last 24 hours.
The sharp selloff in the futures market implies the indexes will also open substantially lower when trading kicks off Monday at 9:30 a.m. ET.
Hours after the Trump administration announced the tariffs, Mexican President Claudia Sheinbaum said her country will impose retaliatory tariffs, and Canadian Prime Minister Justin Trudeau announced “far-reaching” retaliatory levies. China’s commerce ministry said it will file a complaint with the World Trade Organization and “take corresponding countermeasures,” without elaborating.
“This will include immediate tariffs on $30 billion worth of goods as of Tuesday, followed by further tariffs on $125 billion of American products in 21 days’ time, to allow Canadian companies and supply chains to seek to find alternatives,” Canadian Prime Minister Justin Trudeau said Saturday.
More than 1,200 goods will be impacted by Canada’s immediate tariffs, according to senior government officials on Sunday. The imposed tariffs would be harmful for states such as Florida, which exports orange juice, fruits and vegetables to Canada, officials said.
Both the Mexican peso and the Canadian dollar weakened relative to the US dollar in the 24 hours since Trump announced the new tariffs, while the Chinese yuan hit a new low.
Economists warned that American families may bear the burden of these tariffs — and Trump posted to his Truth Social account that Americans could face “some pain.” The tariffs will make groceries more expensive because Mexico and Canada are the main sources of America’s imported agricultural goods. Gas, steel and cars are among other goods expected to be more expensive for American consumers.
CNN’s Elisabeth Buchwald contributed to this report.
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