The Dow Jones closed on Monday afternoon after dropping 649.67 points, or 1.48%. The S&P 500 and Nasdaq Composite also closed with significant falls, at 1.76% and 2.64%, respectively.
The fall came after Trump said that planned 25% tariffs against Canada and Mexico are to go into effect on Tuesday after a previous delay.
“They’re going to have to have a tariff. So what they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs,” Trump told reporters at the White House.
He waved away suggestions that another deal could be struck, saying there was “no room left.”
Tariffs weren’t the sole reason for the decline, however, with Nvidia continuing to plummet.
TRUMP TELLS US FARMERS TO PREPARE FOR EXTERNAL TARIFFS NEXT MONTH: ‘HAVE FUN!’
Trump’s rhetoric indicated that further tariffs scheduled to be implemented next month will be in place for some time.
“To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States,” he posted on Truth Social. “Tariffs will go on external product on April 2nd. Have fun!”