Chinese ADRs dropped in premarket trading Monday. YINN fell 1%; Li Auto fell 6%; XPeng and NIO fell 3%; JD.com fell 2%; Baidu fell 1%. While Alibaba rose 0.7%; PDD Holdings rose 1%.

President Donald Trump is on the verge of slapping new tariffs on Canada and Mexico while doubling a levy on China, moves that would dramatically expand his push to reshape the US economy, tap new revenues and upend ties with the biggest US trading partners.

The long-promised tariffs scheduled to take effect Tuesday would easily be among the most sweeping of the Trump era, applying to roughly $1.5 trillion in annual imports. They would put a 25% tariff on all imports from Canada and Mexico, except Canadian energy, which would face a 10% rate. He has also said he’ll double a tariff on China to 20%.

The tariffs may yet be delayed — the Canada and Mexico measures were already stalled once — but any reprieve could prove temporary, with a host of other Trump levies due in April. Trump says the tariffs are a tool to bring the neighboring nations to heel on securing the borders from migrants and drugs, particularly fentanyl.

China has American agricultural exports in its cross hairs as it prepares countermeasures against fresh U.S. import tariffs, China's state-backed Global Times reported, raising the stakes in an escalating trade war between the world's top two economies.