Markets sold off on Monday as investors digested Donald Trump's tariff announcements on Mexico, Canada, and China.

Chinese startup DeepSeek said it trained its AI model for less than $6 million, compared to the billions of dollars U.S. tech companies are spending. Nvidia stock plummeted in one trading session on concern that certain customers may opt for cheaper AI chips.

The chip maker's shares were falling with the wider market after the U.S. president said he intends to impose levies on imported semiconductors.

US president Donald Trump on Saturday announced an additional tariff of 10% on imports from China and 25% on those from Mexico and Canada to the apparent surprise of investors, who had underpriced such risk. The tech-heavy Nasdaq ( ^IXIC) was off more than 2% Monday morning. Nvidia stock pared losses and ended the day down 2.8%.