U.S. stocks tumbled Monday and wiped out even more of their gains since President Donald Trump’s election in November, after he said that tariffs announced earlier on Canada and Mexico would take effect within hours.

The S&P 500 dropped 1.8% after Trump said there was “no room left” for negotiations that could lower the tariffs set to begin Tuesday for imports from Canada and Mexico. Trump had already delayed the tariffs once before to allow more time for talks.

Monday’s loss shaved the S&P 500’s gain since Election Day down to just over 1% from a peak of more than 6%. That rally had been built largely on hopes for policies from Trump that would strengthen the U.S. economy and businesses.

The Dow Jones industrial average dropped 649 points, or 1.5%, and the Nasdaq composite slumped 2.6%.

A report Monday on U.S. manufacturing showed overall activity is still growing, but not by quite as much as economists had forecast. Perhaps more discouragingly, manufacturers are seeing a contraction in new orders. Prices, meanwhile, rose amid discussions about who will pay for Trump’s tariffs.

The market’s recent slump has hit Nvidia nd some other formerly high-flying areas of the market particularly hard. They fell even more Monday, with Nvidia down 8.8% and Elon Musk’s Tesla down 2.8%.

Elsewhere on Wall Street, Kroger fell 3% after the grocery chain’s Chairman and CEO Rodney McMullen resigned following an internal investigation into his personal conduct.

Wall Street’s blue Monday even pulled down stocks of companies enmeshed in the cryptocurrency economy.

MicroStrategy, the company that’s now known as Strategy and has been raising money to buy bitcoin, slid to a loss of 1.8%. Coinbase, the crypto trading platform, fell 4.6%.

All told, the S&P 500 fell 104.78 points to 5,849.72. The Dow dropped 649.67 to 43,191.24, and the Nasdaq composite slumped 497.09 to 18,350.19.

In the bond market, the yield on the 10-year Treasury fell to 4.16% from 4.24% just before the manufacturing report’s release. It’s come down sharply since January, when it was approaching 4.80%, as worries have built about the possibility of a slowing U.S. economy.

— Associated Press