Stocks sank lower on Tuesday as President Donald Trump's tariffs on major trading partners went into effect and were met with retaliatory measures. The Dow Jones Industrial Average dropped over 670 points, while the S&P 500 Index and Nasdaq Composite lost about 1.2% and 0.4%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -1.22% or -71.57 points to 5,778.15

Dow Jones Industrial Average (DIA  ): -1.55% or -670.25 points to 42,520.99

Nasdaq Composite Index (QQQ  ): -0.35% or -65.03 points to 18,285.16

The session's weakness follows the start of Trump's 25% duties on imports from Canada and Mexico on Tuesday, and an additional 10% tariffs on goods from China. The tarifs could impact nearly $2.2 trillion in annual U.S. trade, according to Reuters.

"Today's reckless decision by the U.S. administration is forcing Canada and the U.S. toward recessions, job losses and economic disaster," Canadian Chamber of Commerce CEO Candace Laing said in a statement.

In response, Canadian Prime Minister Justin Trudeau said the country will have its own 25% tariffs on U.S. goods, and Mexican President Claudia Sheinbaum said the nation will announce its response this weekend.

China also retaliated with up to 15% levies on some U.S. products and will restrict exports to 15 U.S. companies. The tariffs largely impact U.S. agricultural goods, while the export controls impacts include General Dynamics Land Systems (GD  ) and Leidos (LDOS  ).

The American Automotive Policy Council (AAPC), which represents Ford Motor Company (F  ), General Motors (GM  ) and Stellantis (STLA  ), said in a statement following Trump's tariffs on Canada and Mexico that American automakers should be exempt from the levies.

AAPC President Matt Blunt said that American automakers "should not have their competitiveness undermined by tariffs that will raise the cost of building vehicles in the United States and stymie investment in the American workforce, while our competitors from outside of North America benefit from easy access to our home market."

Target (TGT  ) warned on Tuesday that it expects year-over-year declines for its current first-quarter profit as it is impacted by "ongoing consumer uncertainty," reflected by weak sales in February and rising concerns of tariff-induced price increases.

"We expect to see a moderation in this trend [of softening sales] as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday," CFO Jim Lee said in a statement. "We will continue to monitor there trends and will remain appropriately cautious with out expectations for the year ahead."

For its current fiscal year, Target expects earnings per share to range between $8.80 and $9.80, which comes in-line with analyst expectations at its midpoint, according to LSEG.

Best Buy (BBY  ) CEO Corie Barry told analysts that she expects prices for U.S. consumers to rise in response to the tariffs on China and Mexico -- two of the retailer's top supply chain sources, producing about 75% of its products combined.

"Trade is critically important to our business and industry. The consumer electronic supply chain is highly global, technical and complex," Barry said during the company's earnings call. "We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely."

For fiscal 2026, Best Buy expects revenue between $41.4 billion to $42.2 billion, with comparable sales growth in a range of 0% to 2% year-over-year.