THIS IS A BREAKING NEWS UPDATE: (AP) Worries about President Donald Trump’s tariffs are hurting U.S. stocks. The S&P 500 sank 1.7% in early Monday trading following similar losses for markets across Asia and Europe. The Dow Jones Industrial Average fell 557 points, and the Nasdaq composite dropped 2.1%.

U.S. stock futures slumped Monday after the Trump administration moved to impose sweeping tariffs on the nation’s three largest trading partners in an escalating trade war. Over the weekend, President Donald Trump imposed levies on imports from Canada,

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.