A growing number of countries, including American allies, are striking trade deals as the Trump administration erects a higher fence around its global commerce.

President Donald Trump has finally made good on a campaign promise to raise tariffs on Chinese imports – announcing on Saturday duties of 10% on all Chinese goods coming in the country as part of sweeping trade measures that also targeted Mexico and Canada.

Among carmakers, shares of General Motors slid 6.4%, Ford dropped 3.8% and Tesla shed 2.9% in premarket trading. U.S.-listed shares of e-commerce firms including PDD Holdings declined 4.5%, while Alibaba lost 1.9%.