President Donald Trump on Saturday slapped a 25% tariff on goods from Mexico and Canada. He also placed a 10% levy on imports from China. Energy imports from Canada received a lower 10% tariff. Canada responded with retaliatory tariffs of its own, while Mexico said it would explore levies on U.S. imports. The Chinese government, meanwhile, said it would file a lawsuit with the World Trade Organization.

Trump also signaled over the weekend that tariffs on the European Union would be imposed next.

“While the direct impact on U.S. growth from the announced tariffs is still quite modest, the risk is that these policy shifts amplify concerns about future trade policy risks and potential retaliation,” wrote Goldman’s Dominic Wilson in a Sunday note. “The actions may also challenge the market’s confidence that the Administration will avoid policies that push growth lower or inflation higher.”