Stock futures moved sharply lower Friday morning as investors reacted to news that the U.S. plans to impose higher tariffs on dozens of countries.

Dow Jones tumbled more than 500 points during Friday’s midday trade as U.S. equities lost their momentum despite better-than-expected earnings from big technology companies throughout the week. Dow Jones was down 1.

Dow Jones futures fell sharply Friday morning, along with S&P 500 futures and Nasdaq futures. Amazon.comAMZN skidded on earnings and President Donald Trump setting tariffs on dozens of countries, including a higher duty on most Canadian goods.