The Nasdaq fell 2.6% Monday after Trump vowed to implement the Canada and Mexico tariffs, as the tech index is down 8.5% from its all-time high set less than two weeks ago.

Semiconductor stocks fell sharply on Monday amid worries that companies in China are using workarounds to get the latest offerings from Nvidia (NASDAQ:NVDA) and President Trump's announcement that tariffs will go into effect tomorrow on Canada and Mexico.

Nvidia shares fell nearly 9% on Monday after President Donald Trump confirmed that tariffs from Canada and Mexico will go into effect on Tuesday. The company's shares are now trading at the same price they were in September,

Key Takeaways Shares of Nvidia were down 10% Monday afternoon, falling into bear market territory. The company's latest quarterly financial results raised questions about what was next for the stock—and the AI trade—and uncertainty driven by US trade policy has further concerned investors.