Mexico President Claudia Sheinbaum said Monday that her administration was waiting to see if U.S. President Donald Trump makes good on his threat to impose 25% tariffs on Mexican imports. Her Cabinet secretaries for security and trade among others have been in constant communication with their U.

The Dow Jones Industrial Average dropped as much as 848 points after the comments and the S&P 500 was down more than 2%.

U.S. President Donald Trump said there was no chance for Mexico or Canada to avert the tariffs that he promised to impose starting Tuesday.