Car stocks, including Tesla shares, were volatile on Monday—and in the red. Tariffs are the reason. Over the weekend, President Donald Trump went ahead with his plan to put 25% tariffs on goods from Mexico and Canada.

Tesla was particularly battered as it joined Apple (-4%) and Nvidia (-2%), as American multinational companies with the highest proportion of sales in China.

Tesla shares plunged by 7%, staying at 4% early Monday morning along with other automakers stocks due to president Donald Trump implementing his tariffs.