The U.S. stock market sold off Monday as Wall Street digested President Donald Trump’s tariffs on Canadian, Chinese and Mexican goods set to go into effect Tuesday, though much of the losses were concentrated in Michigan’s auto sector and Silicon Valley.

Tesla’s stock fell 5% on Monday, the biggest drop for any member of the so-called Magnificent Seven, while Apple shares dropped 3%.

President Donald Trump's decision to impose tariffs on goods from China and Canada has resonated widely in the market. According to CNBC, Tesla and Apple recorded drops in their 5% and 3% stock values,

Tesla was particularly battered as it joined Apple (-3%) and Nvidia (-3%), as American multinational companies with the highest proportion of sales in China.