United States stock market futures plummeted after US President Donald Trump’s recently announced trade tariffs on China, Mexico and Canada, while almost half a trillion dollars exited crypto markets over the past 24 hours.

The stock market is waiting anxiously for the next move on tariffs as China’s retaliation to levies from the U.S. has put markets on edge amid fears of an escalating tit-for-tat trade war between the two powers.

China’s Ministry of Commerce announced Tuesday it was implementing counter tariffs against the U.S. on multiple products