Live: Trump tariffs set to take effect on Canada, Mexico as Trump says 'no room left' for delay

The tariffs on imports from Canada and Mexico, as well as increased tariffs on China, will likely heighten market volatility and lead to increased operational costs for affected industries. Companies heavily reliant on imports from these countries may face declining profit margins and increased pricing pressure, which could further slow overall economic growth. Overall, the short-term outlook for the stock market may be negative due to these trade tensions and their economic implications.

With the anticipated rise in operational costs due to tariffs, consumer-facing brands may see reduced sales as prices increase. This could negatively impact shares of companies like NVIDIA, which suffered heavy losses in the recent market downturn due to broader tech sector concerns tied to trade. Investors may wish to adopt a cautious approach towards tech stocks in the immediate term.