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. The Dow Jones Industrial Average slid about 550 points, or 1.25%, in early trading on Monday. The S &P 500 dropped 1.5%, and the tech-heavy Nasdaq plummeted 2%.

The U.S. stock markets have tanked after an early selloffs over fears of President Donald Trump’s new tariffs on Canada, Mexico and China. Trump delivered on his threats to introduce trade tariffs on the nations in a move that has sparked panic across global financial markets.

Tariffs are slamming the stock market but there’s still hope that the Trump administration's threatened levies are a negotiating tactic. Expect settlements with Mexico and Canada but Chinese imports to get more costly,