The US stock market faced a rough start this weekend as futures took a nosedive Sunday evening. Just a day earlier, President Donald Trump announced hefty tariffs on key trading partners—25% on Canada and Mexico, and 10% on China, set to take effect this Tuesday. Investors didn't waste time reacting, with Dow futures sliding 1.4%, S&P 500 futures falling 1.9%, and Nasdaq futures dropping 2.4%. Even Bitcoin wasn't spared, losing 3.5% in the past 24 hours.

The reaction suggests a gloomy Monday morning for the markets, with major indexes likely opening significantly lower. But this isn’t just about Wall Street—countries hit by the tariffs are already planning their countermoves. Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau have both pledged to impose retaliatory tariffs. Trudeau revealed plans to target $30 billion worth of American goods immediately, with another $125 billion in the pipeline. Canada’s tariffs will affect over 1,200 items, including orange juice and produce exported from states like Florida.

Meanwhile, China has vowed to challenge the tariffs through the World Trade Organization, though specifics haven’t been shared yet. Currency markets felt the ripple effects too, with the Mexican peso, Canadian dollar, and Chinese yuan all weakening against the US dollar.

Economists are raising red flags about the broader impact. American families could feel the pinch as prices for everyday items like groceries, gas, and cars are expected to rise. Trump even acknowledged the potential for "some pain" in a post on his Truth Social account.

With tensions escalating, it’s clear this isn’t just a financial story—it’s about how these tariffs might reshape trade relationships and household budgets in the coming weeks. Stay tuned for updates as the situation unfolds.