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US stock futures on Monday pointed to sharp losses for the major indexes, as Wall Street showed the effects of President Donald Trump’s announcement of tariffs on China, Mexico, and Canada .

Nasdaq 100 futures ( NQ=F ) dived 2.3%, leading the way down. S&P 500 futures ( ES=F ) spiraled 1.9%, and futures attached to the Dow Jones Industrial Average ( YM=F ) stumbled 1.5%, or around 650 points.

The tariffs , set to take effect on Tuesday , will include 25% duties on Canada and Mexico, and 10% on China. Energy imports from Canada will be lower with a 10% duty.

The US dollar index ( DX-Y.NYB , DX=F ) rose to trade near its highest levels in 12 months. Crude oil ( BZ=F , CL=F ) futures jumped around 2% .

With Trump’s tariffs arriving as expected over the past week, focus has been honed in on retaliatory announcements. As Yahoo Finance's Ben Werschkul reported , Canada and Mexico were quick to announce measures across a range of US goods. Prime Minister Justin Trudeau said Canada will place 25% counter-tariffs on around $107 billion in American-made products.

The trade war is causing " considerable uncertainty about President Trump's trade agenda for 2025 ." That uncertainty is a large part of the Fed’s desire to keep a hold on rates for fears of a rise in inflation .

The tariffs are due to impact consumers directly across a number of industries. Automobiles and auto parts, gas and oil, clothes, computers, whiskey, and avocados are a small selection of items whose prices are expected to rise.