Stock markets are reacting negatively to President Donald Trump's tariffs announcement.
Trump plans 25% tariffs on imports from Canada and Mexico and a new additional 10% on Chinese products.
The weekend announcement has led to significant market volatility globally.
The Dow Jones Industrial Average was down nearly 600 points in early trading on Monday.
The S&P 500 and NASDAQ were also down sharply in morning trading.
Bond yields were little changed despite a growing fear of rising inflation tied to a possible trade war Reuters reported.
The U.S. dollar strengthened against other currencies with Canada's dollar hitting a 20-year low.
The Mexican peso also weakened against the dollar.
Trump's tariffs shocked the European market, weakening the value of the euro, with the STOXX 600 index down by 1.4% and Germany's DAX down by 2% on Monday, NPR reported.
The U.K's FTSE 100 index fell by more than 1.25% during Monday's trading.
Automakers with manufacturing plants in Mexico, like Toyota, Honda, Volkswagen and Nissan were also seeing their stock prices getting hammered due to the tariffs.
Analysts warned that the tariffs could disrupt economic growth, increase inflation and negatively impact corporate earnings.
Despite an influx of experts, such as the World Trade Organization chief Ngozi Okonjo-Iweala, expressing the dangers of Trump's tariffs, namely spurring a trade war and hitting Americans' wallets, Trump confirmed Sunday night that the European Union and England will also get new tariffs, saying it will "definitely happen," reported NPR.
Trump's trade war has also affected the cryptocurrency. Bitcoin prices dropped to under $97,000 on Monday morning, down from $102,000 before the tariffs were announced.
