Stock futures were under some pressure on Monday evening after President Donald Trump said he was considering tariffs on Canada and Mexico.

Futures tied to the S&P 500 were slightly in the red, while Nasdaq 100 futures were 0.1% lower. Dow Jones Industrial Average futures were flat.

Equity futures gained during a shortened trading session on Monday as Trump was sworn in as the 47th president. And they were higher at the start of evening trading. Regular trading was closed Monday for the Martin Luther King holiday.

But futures turned lower as Trump made the tariff comments at the White House as he was signing executive orders. Trump said he was thinking of 25% tariffs on Mexico and Canada on February 1 because of their border policies. Trump also mentioned China some during the discussion with the press, but did not specify any plans for tariffs. The president said maybe the U.S. could put tariffs on China if the country doesn’t approve a TikTok deal.

On the positive note in the market’s view, Trump said he was not ready to impose universal tariffs.

The comments disappointed traders who hoped he would hold off on leveling tariffs right away, especially after reports earlier Monday suggested there would be no immediate tariffs as part of the early executive actions by Trump.

“Asset prices in 2025 will be significantly driven by the path of Trump’s policies. Uncertainty is likely to persist and be a feature of Trump’s presidency,” said Robert Sockin, senior global economist at Citi, in a note.

“Trump seems to thrive in a world of ambiguity in which his political opponents and international counterparts are unclear regarding his next move. Investors who stay nimble but also stay focused on underlying strong economic fundamentals are likely to reap benefits,” he continued.

Elsewhere, Trump is declaring a national energy emergency to increase fossil fuel production. The president labeled his return to the White House as the beginning of a period of growth and success for the country, while largely condemning the Biden Administration in his inaugural address.

Wall Street will be focused on Trump following through on the pro-business proclamations he made throughout his campaign, most notably his calls for looser regulations that helped lift banking banking stocks following his election win in November. Other components of the so-called Trump trade, including small caps, oil stocks and bitcoin, will be hypersensitive to where his administration goes from here.

The stock market is coming off its best week since the period that followed Trump’s election. The S&P 500 gained 2.9% last week, its best week since the period ended Nov. 8. The Dow jumped 3.7% and the Nasdaq Composite gained 2.5% last week, respectively.