The long-promised tariffs scheduled to take effect Tuesday would easily be among the most sweeping of the Trump era, applying to roughly $1.5 trillion in annual imports.

Asian stock markets tumbled on Friday after US President Donald Trump confirmed tariffs on Mexico, Canada, and China, rattling investor sentiment. The announcement, which marks a renewed escalation in trade tensions,

Shares retreated Friday in Asia, with benchmarks in Japan, Hong Kong and South Korea tumbling more than 2% as U.S. President Donald Trump’s decision to push ahead with 25% tariffs on imports from Mexico and Canada and to double tariffs on Chinese products to 20% left investors reeling.

Trump said 25% tariffs on Canada and Mexico are on track to go into place on March 4, and said he would impose an additional 10% tax on Chinese imports.