The stock market kicked off the week with losses Monday amid growing concern about the state of the U.S. economy and the impact of President Trump’s trade policy.

The Dow Jones Industrial Average opened with a loss of 1 percent Monday, falling 402 points after the opening bell. The Nasdaq composite was down 2.9 percent and the S&P 500 index was down 1.8 percent.

Stocks have fallen steadily since the start of March in response to a string of underwhelming economic data and whipsaw tariff announcements from the Trump administration.

Wall Street has become increasingly fearful of a recession after public and private-sector job data, consumer confidence surveys and inflation readings showed the economy backtracking from progress made during the end of the Biden administration.

Trump has also rattled markets and business leaders with constantly shifting tariffs on Mexican, Canadian and Chinese products. The president last week subjected all Mexican and Canadian goods to 25 percent tariffs, but later exempted imports that comply with the U.S-Mexico-Canada Agreement (USMCA), the NAFTA rewrite struck during Trump’s first term.

Trump also threatened to impose additional tariffs on Canadian lumber and dairy, and has reiterated plans to levy reciprocal import taxes to mirror tariffs placed by other countries on U.S. products.

While the Mexican government has held off on retaliation, the Canadian federal government and several provincial leaders have imposed tariffs or U.S. goods, new fees on Canadian energy exports and removed some American products from shelves.

Trump’s trade war has spurred deep concern among economists and even some members of his party about the potential impact of higher costs and fewer exports on the U.S. economy.

When asked Sunday if he was worried about causing a recession, Trump demurred.

“I hate to predict things like that,” Trump told Bartiromo on “Sunday Morning Futures” when asked if he expected a recession this year.

“There is a period of transition, because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing. And there are always periods of — it takes a little time. It takes a little time. But I think it should be great for us. I mean, I think it should be great.”

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