Toyota Motor North America said its U.S. sales slumped in February, falling nearly 6% from a year ago as consumer confidence slips amid government layoffs and looming tariffs. If President Donald Trump goes ahead with 25% tariffs on imports from Canada and Mexico on Tuesday as threatened,

Trump dismissed concerns that tariffs are largely paid for by consumers through higher prices, saying: “It’s a myth.” It is possible for a stronger U.S. dollar to offset some of the costs, but most economic modeling shows tariffs will effectively amount to billions of dollars in tax hikes nationwide.

U.S. stocks fell sharply and wiped out even more of their gains since President Donald Trump's election after he said that tariffs on Canada and Mexico would take effect within hours.

The Canadian dollar and Mexican peso slumped after President Donald Trump confirmed 25% tariffs on products from both nations will begin Tuesday.