Shares of U.S. companies were under pressure after the latest escalation in Washington’s trade war, with new tariffs on Canada and Mexico expected to hit earnings in several sectors, including automobiles, aerospace, retail and housing.

Economically sensitive stocks such as airlines and banks led declines on Wall Street’s main indexes on Tuesday on the new tariffs. Monday, the benchmark S&P 500 suffered its worst day of this year after the U.S. tariffs were confirmed.