The Trump administration’s long-promised tariffs took hold on Tuesday.

The stock market fell in early trading on Tuesday, just hours after the Trump administration’s long-promised tariffs took effect.

The Dow Jones Industrial Average dropped nearly 500 points, or 1.1%; while the S&P 500 fell 0.8%. The tech-heavy Nasdaq inched down 1.1%.

The policy taxes imports from Mexico, Canada and China — the three largest trading partners of the United States — meaning that it could raise prices for everything from gasoline to avocados to iPhones.

This is a developing story. Please check back for updates.