Global markets braced for volatility after former U.S. President Donald Trump announced sweeping new tariffs, sending stock futures lower and triggering over $2 billion in crypto liquidations.

Dow futures slid 1.2% late Sunday, with the S&P 500 and Nasdaq down 1.9% and 2.7% respectively, following Trump’s plan to impose 25% tariffs on Mexican and Canadian goods and 10% on Chinese imports, set to take effect Monday at midnight.

Bitcoin dropped 5% to $96,300, its lowest in three weeks, while Ethereum tumbled 10% to $2,800. Dogecoin and XRP each plunged 19%, underscoring the crypto market’s sensitivity to…