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

U.S. equity futures tumbled in early Monday trading, while energy prices leaped and the dollar soared to a two-year high against its currency peers as markets reacted to the weekend tariff announcements of President Donald Trump and their potential to trigger a global trade war.

Over the weekend, President Donald Trump said the U.S. will levy 25% tariffs on Mexico and Canada and 10% tariffs on China. Stock market losses ranged from 1.4% to 2.5% in early trading Monday.

Global shares are mostly declining as worries grow about President Donald Trump imposing tariffs on key U.S. trading partners.

Canada and Mexico vow U.S. trade retaliation, Alphabet and Amazon earnings renew focus on DeepSeek AI claims, and more news to start your day.

The dollar surged on Monday, pushing its Canadian counterpart and Mexican peso to multi-year lows while China's yuan slumped to a record low in offshore trading after U.S. President Donald Trump kicked off a trade war by imposing sweeping tariffs.

Nvidia (NVDA) stock dropped as much as 5% in early trading Monday, extending the prior week’s declines as investors reacted to Trump’s new tariffs. US president Donald Trump on Saturday announced an additional tariff of 10% on imports from China and 25% on those from Mexico and Canada to the apparent surprise of investors,

The invoking of national security to unravel trade agreements could scramble the international trading system in China’s favor.