President Trump’s latest trade war threat is expected to come into effect this week, but businesses and investors remain unsure about how much it will hurt.

As Wall Street heads into a new quarter, a flurry of President Donald Trump’s tariffs are set to go into effect. That has traders on edge and has helped put US stocks in their worst first-quarter slump in years.

Wall Street benchmarks ended in mixed fashion on Tuesday after a topsy-turvy session, as investors were caught in limbo ahead of the impending tariff announcements from the Trump administration.

Stocks took a roller coaster ride Monday as surprisingly hawkish signals from President Trump on tariffs rattled Wall Street. Trump on Sunday signaled he plans to impose wide-ranging reciprocal tariffs affecting all US trading partners worldwide — contradicting a more selective approach that was signaled by White House officials last week.

Wall Street pointed toward losses early Tuesday, one day before President Donald Trump rolls out his “ Liberation Day ” tariffs on U.S. trade partners. Futures for the S&P 500 fell 0.5% before the bell,