Stocks fall sharply Monday, extending declines in late afternoon trade as President Donald Trump affirmed 25% tariffs on imports from Canada and Mexico will take effect. Earlier, stocks felt pressure after a weaker-than-expected February reading for a key manufacturing index.

US stocks tumbled after Trump confirms 25% Mexico and Canada tariffs will begin Tuesday. Crypto also gives up gains made on strategic crypto reserve.

Consumers in the US could see price hikes within days, an expert has said, adding "the automobile sector, in particular, is likely to see considerable negative consequences".