U.S. stocks tumbled in early trading on Tuesday, just a day before President Donald Trump's expected announcement of sweeping new tariffs. The Dow Jones Industrial Average fell 250 points, or 0.6%, while the S &P 500 declined 0.45%. The tech-heavy Nasdaq ticked down 0.3%.

Canadian Prime Minister Mark Carney said the tariff could raise up to C$8 billion, which would be used to help workers and companies affected by the Trump tariffs.

Prime Minister Mark Carney’s announcement of reciprocal tariffs on non-USMCA-compliant, US-made automobiles marks the third time the Canadian government has responded to Trump's trade war measures.

The president said he would not quickly reverse last week’s steep tariffs, which have sparked pushback and roiled markets.

President Donald Trump’s top trade negotiator came under fire Tuesday from senators unnerved by the president's sweeping global tariffs, a market meltdown and the heightened risk of recession from an upended global trading order.

The nation's top trade representative said Tuesday that President Donald Trump’s sweeping tariffs are already getting results, bringing other countries to the negotiating table to discuss reducing their trade barriers.