U.S. stocks plunged in overnight trading and investors braced for volatility across financial markets after President Donald Trump over the weekend announced heavy tariffs on imports from Canada, Mexico and China.

Analysts said the sweeping tariffs, including levies of 25% on imports from Canada and Mexico, 10% on energy products from Canada and an additional 10% tariff on China, would rattle investors who had previously appeared to hold out hope that Trump was using the threat of steep levies as a bargaining chip or would take a slower, gradual approach.

Big tech stocks sank in overnight trading. Nvidia fell 6%; Tesla fell 5%; Amazon fell 4%; Apple and Meta fell 3%; Alphabet and Microsoft fell 2%.

Crypto stocks sank as Bitcoin briefly dropped below $93,000. Bitfarms fell 13%; Riot Platforms fell 11%; CleanSpark and MARA Holdings fell 10%; Coinbase fell 9%; MicroStrategy fell 8%. Cryptocurrency prices slid as the spectre of a global trade war put investors on edge and pushed them out of risky assets.

Chinese ADRs sank in overnight trading. YINN fell 11%; Li Auto, JD.com, and Baidu fell 7%; XPeng, PDD Holdings, and Tencent Music fell 6%; Alibaba fell 5%; NIO fell 3%.