U.S. stock futures tumbled on Monday morning as the impact on the global economy of President Trump’s steep tariffs on Canada, Mexico, and China jolted markets around the world.

Dow futures (DOWI:DJI) are down 1.4%, S&P 500 down 1.55% and Nasdaq down 1.86%.

The President imposed the new tariffs of 25% on imports from Canada and Mexico, and 10% on China over the weekend, to come into effect on Tuesday. Trump said this may cause “short-term” pain for Americans.

The three affected countries have all said they will retaliate with tariffs on American imports, sparking fears of a trade war.

Trump has also said he plans to tariff goods from the European Union and the U.K, saying they will “definitely happen” but without giving any details. Trump hinted that the U.K., which left the EU in 2020, might be spared any tariffs, saying: “I think that one can be worked out.”

Global stock markets tumbled this morning with the pan-European STOXX 600 index down 1.3% in morning trading, looking set for its biggest one-day slide this year.

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