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.

Among carmakers, shares of General Motors slid 6.4%, Ford dropped 3.8% and Tesla shed 2.9% in premarket trading. U.S.-listed shares of e-commerce firms including PDD Holdings declined 4.5%, while Alibaba lost 1.9%.

U.S. stock index futures tumbled on Monday as fears of a full-blown trade war and its impact on the global economy jolted markets around the world after President Donald Trump levied steep tariffs on Mexico,