The market’s highest-performing tech stocks all slid on Monday morning amid worries over President Donald Trump’s tariffs.

Tesla (TSLA) was down by more than 6.4% at the market open on Monday, while Nvidia (NVDA) was down by more than 4.5%, Meta (META) and Amazon (AMZN) were both down by more than 3.5%, Microsoft (MSFT) was down by 2.4%, Alphabet (GOOGL) was down by 1.6%, and Apple (AAPL) was down by just 0.3%. Later in the morning, Tesla was down by 5.2%, Nvidia down by 3.9%, and Meta down by 2.5%.

S&P 500, Nasdaq 100, and Dow Jones Industrial Average futures all opened down on Monday morning.

The Trump administration is expected to announce new tariffs on Wednesday that could include his so-called reciprocal tariff plan. The White House is currently debating over implementing individualized tariffs on trading partners, or an across-the-board tariff impacting all U.S. trade, the Wall Street Journal (NWSA) reported, citing unnamed people familiar with the matter.

The president reportedly wants more aggression on tariffs, and has asked his team for plans to impose higher rates of tariffs on more countries, according to the Wall Street Journal. One plan reportedly involves tariffs of up to 20% on mostly all of the country’s trading partners. Trump has also reportedly pushed for import taxes on goods from countries that the U.S. has a trade deficit with.

The Trump administration is also reportedly considering introducing industry-specific tariffs, including those that would impact critical minerals and related products.

Meanwhile, Goldman Sachs (GS) economists have bumped their forecast of a recession over the next 12 months to 35% from 20%. The economists said the increase “reflects our lower growth baseline, the sharp recent deterioration in household and business confidence, and statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of their policies.”

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