U.S. President Donald Trump on Monday said at a press conference at the White House that 25% tariffs on Canada and Mexico are all set to go into effect on Tuesday.

Trump said: “Tomorrow, tariffs — 25% on Canada and 25% on Mexico. And that’ll start. … What they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs.”

CNN reports: “The Dow tumbled 650 points, or 1.48%, to close at 43,191. The Dow fell almost 900 points in afternoon trading before pulling back slightly. The broader S&P 500 fell 1.76% and the Nasdaq Composite fell 2.64%.”