Stocks dropped to kick off February after President Donald Trump hit several key U.S. trading partners with tariffs, raising fears that a full-blown trade war would disrupt global supply chains, reignite inflation and slow the economy. Tesla, Nvidia dropped 5%; Triumph up 34%.

The impact from the new tariffs ricocheted around the globe in a risk-off move:

• Major European equity markets sunk with Germany’s Dax benchmark off by nearly 2%.

• Bitcoin tumbled to around the 95,000 level from above $102,000 before the weekend. Ether lost 11%.

• The ICE U.S. Dollar Index, a measure of the U.S. dollar versus several currencies, leaped almost 1%.

• WTI crude oil jumped 2% on concern of supply disruptions in North America from the new tariffs.

President Donald Trump on Saturday slapped a 25% tariff on goods from Mexico and Canada. He also placed a 10% levy on imports from China. Energy imports from Canada received a lower 10% tariff. Canada responded with retaliatory tariffs of its own, while Mexico said it would explore levies on U.S. imports. The Chinese government, meanwhile, said it would file a lawsuit with the World Trade Organization.

Trump also signaled over the weekend that tariffs on the European Union would be imposed next.

“While the direct impact on U.S. growth from the announced tariffs is still quite modest, the risk is that these policy shifts amplify concerns about future trade policy risks and potential retaliation,” wrote Goldman’s Dominic Wilson in a Sunday note. “The actions may also challenge the market’s confidence that the Administration will avoid policies that push growth lower or inflation higher.”

“Markets may now need to take the rest of Trump’s tariff agenda literally rather than just seriously,” said Tobin Marcus, Wolfe Research head of U.S. policy and politics, in a note. “If this new level of seriousness gets priced in suddenly, Monday could be a rough day for markets.”

The emerging trade war comes as investors are dealing with the biggest stretch for fourth-quarter earnings reports and a key economic reading on the labor market this week. More than 120 companies in the S&P 500 are set to report their results, including tech names Alphabet, Amazon and Palantir, as well consumer giants, including Walt Disney and Mondelez.  The January nonfarm payrolls report will be out Friday with economists polled by Dow Jones expecting that 175,000 jobs were added last month.