Big tech stocks sank in premarket trading on Monday as concerns about the economic impact of the trade war intensified before Donald Trump unveils more tariffs this week.

Super Micro and Palantir fell 4%; Tesla, Arm and Nvidia fell 3%; TSMC fell 2%; Amazon and Meta fell 1%.

Trump said he plans to start his reciprocal tariff push with “all countries,” tamping down speculation that he could limit the initial scope of tariffs set to be unveiled April 2. The president, who has touted his upcoming measures as a ‘Liberation Day,’ escalated his trade war last week by slapping a 25% levy on all cars not made in the US. Reciprocal duties will be “very lenient,” he said previously.

Money managers around the world are de-risking their portfolios or refraining from taking big positions as they remain wary about the announcement of the so-called reciprocal tariffs and the impact on the economy. Goldman Sachs Group Inc. economists now forecast both the Federal Reserve and European Central Bank will cut interest rates three times this year as the curbs on trade hurt momentum.

“All these haphazard and aggressive policy changes that we’ve seen from the Trump administration are having negative economic impacts,” said Katrina Ell, director of economic research at Moody’s Analytics. “And that’s why we’re seeing the rhetoric US recession odds rising quite aggressively. It’s a concerning picture we’re going into.”