U.S. equity futures tumbled in early Monday trading, while energy prices leaped and the dollar soared to a two-year high against its currency peers as markets reacted to the weekend tariff announcements of President Donald Trump and their potential to trigger a global trade war.

U.S. futures and global stocks were hit by a selloff early on Monday as markets around the world braced for a potential trade war triggered by President Donald Trump’s decision to impose sweeping tariffs on imports from Canada, Mexico, and China—which he acknowledged will cause “some pain” for American consumers.