U.S. stocks tumbled in early trading on Tuesday, just a day before President Donald Trump’s expected announcement of sweeping new tariffs.

The Dow Jones Industrial Average fell 250 points, or 0.6%, while the S&P 500 declined 0.45%. The tech-heavy Nasdaq ticked down 0.3%.

Trump told reporters at the Oval Office on Monday that he had settled on a course of action for the fresh round of tariffs, though he declined to offer details.

Days earlier, Trump told reporters over the weekend weekend that his tariffs could affect “all the countries.”

“The tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America,” he said.

This is a developing story. Please check back for updates.