Wall Street's main stock indexes tumbled late Monday to end sharply lower after President Donald Trump announced the start of 25 percent tariffs on Canada and Mexico.

Trump said on Monday that there was no chance for Mexico or Canada to prevent 25 percent tariffs from taking effect on Tuesday.

"They're going to have to have a tariff. So what they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs," Trump said at the White House.

The S&P 500 (.SPX), lost 1.75 percent, to end at 5,850.31 points, while the Nasdaq Composite (.IXIC), lost 2.64 percent, closing at 18,350.19. The Dow Jones Industrial Average (.DJI), fell 1.47 percent, to 43,197.30.

The Canadian dollar and Mexican Peso each fell to a one-month low against the U.S. dollar.