U.S. stock futures slid on Tuesday after a big sell-off on Wall Street, as President Donald Trump’s tariffs on Canada, Mexico and China took effect — leading to retaliation from some of those countries. Futures tied to the Dow Jones Industrial Average slipped 125 points, or 0.3%. S&P 500 futures lost 0.7%. Nasdaq 100 futures dropped 0.9%. That action comes after a steep decline on Monday, during which the broad market S&P 500 posted its biggest daily loss since December at 1.8% down. The blue-chip Dow fell nearly 650 points, or around 1.5%. The Nasdaq Composite shed 2.6%, pushing the tech-heavy index near correction territory. The stock market is under pressure after Trump instituted 25% duties on Canada and Mexico that took effect at midnight. Trump also slapped an additional 10% tariff on Chinese goods. China retaliated with additional tariffs of up to 15% on some U.S. products. Canadian Prime Minister Justin Trudeau said his country would also put a 25% levy on U.S. goods. Mexican President Claudia Sheinbaum said the U.S.’s Southern neighbor would respond with tariffs and other tools that would be announced this weekend. Shares of GM and Ford were lower in premarket trading, following losses of 11% and 5% respectively this year on fears over tariffs. Chipotle, which sources about half of its avocados from Mexico, slipped 0.5% before the bell. Nvidia also put downward pressure on the market, sliding more than 2% before the bell. The chip giant has struggled in 2025 as investors wonder what’s next for the artificial intelligence darling after two huge years. Shares have tumbled more than 12% over the past week, bringing its year-to-date loss to around 15%. Monday’s sell-off dragged the S&P 500 into the red for 2025. Because investors hoped that a last-minute deal could be reached to side-step the full taxes on Mexico and Canada, losses steepened in Monday’s session after Trump confirmed the long-awaited levies were coming. “While Tuesday’s tariffs are a go, it remains very unclear on just how long these tariffs will remain,” said Clark Geranen, chief market strategist at CalBay Investments. “We tend to believe these are more of a negotiation tactic and not the start of a long and drawn out reciprocal trade war,” he said. “Still, in these situations, investors sell first and ask questions later.” The 10-year Treasury yield retreated on Tuesday as U.S. President Donald Trump’s tariffs on Canada, Mexico and China went into effect, escalating fears of a global trade war. The benchmark 10-year Treasury yield slipped around 4 basis point to 4.36%. The 2-year Treasury yield slid more than 7 basis points to 3.906%. Japanese stocks led declines in Asia-Pacific markets, after U.S. President Donald Trump made it clear that tariffs on Mexico and Canada would go into effect as planned. The benchmark Nikkei 225 index plunged 1.20% to end the day at 37,331.18, while the broader Topix index lost 0.71% to close at 2,710.18. Japan’s employment rate for January came in at 2.5%, slightly higher than Reuters’ estimates of 2.4%. South Korea’s Kospi index ended the day 0.15% lower at 2,528.92, while the small-cap Kosdaq retreated 0.81% to 737.90. Hong Kong’s Hang Seng index was down 0.16% in its last hour of trade. Investors kept a watch on Chinese stocks as the mainland kicks off its annual parliamentary gathering, known as the “Two Sessions.” Mainland China’s CSI 300 index ended the day flat at 3,885.22. Australia’s S&P/ASX 200 ended the day 0.58% lower at 8,198.10. Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April and as U.S. tariffs on Canada, Mexico and China came into effect, as well as Beijing’s retaliatory tariffs. Brent futures were down $1.09, or 1.5%, at $70.53 a barrel, while U.S. West Texas Intermediate (WTI) crude was off 86 cents, or 1.3%, at $67.51. “The current downward trend in oil prices is primarily driven by OPEC+’s decision to increase output and the introduction of U.S. tariffs,” said Darren Lim, commodities strategist at Phillip Nova. Gold prices extended gains on Tuesday, driven by safe-haven demand as trade conflicts erupted after U.S. President Donald Trump imposed new tariffs on top three trading partners of the world’s biggest economy. Spot gold rose 0.8% to $2,917.61 an ounce by 0939 GMT, up for a second straight session. Bullion has gained 10% so far this year and hit a record high of $2,956.15 on February 24. U.S. gold futures rose about 1% to $2,928.90.