Stock futures tumbled Sunday night to kick off a new trading month, as investors weighed new U.S. tariffs on goods from key trade partners and their potential impact on the economy and corporate profits.

The stock market is waiting anxiously for the next move on tariffs as China’s retaliation to levies from the U.S. has put markets on edge amid fears of an escalating tit-for-tat trade war between the two powers.

United States stock market futures plummeted after US President Donald Trump’s recently announced trade tariffs on China, Mexico and Canada, while almost half a trillion dollars exited crypto markets over the past 24 hours.