The Stoxx 600 autos index was down 3.8%. Shares of French car parts supplier Valeo and automaker Renault fell 8.6% and 1.4%, respectively, during early morning deals. Meanwhile, Germany’s BMW was 4% lower, Volkswagen was down 6.8% and Porsche was seen trading down by around 5%.

Europe’s tech, industrials and banking indexes each shed more than 2%.

Markets in the region were reacting negatively to President Trump’s decision at the weekend to slap 25% tariffs on imports from Mexico and Canada and a 10% levy on goods from China. Canada has retaliated with its own sanctions on U.S. imports and Mexico has threatened to do the same.

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