India, March 4 -- Stock markets in the US Monday closed in the red after President Donald Trump reiterated that 25 per cent tariffs on Canada and Mexico will go into effect on Tuesday.

The S&P 500 posted its biggest daily percentage drop since December 18, while the Canadian dollar and Mexican peso both hit one-month lows after the tariff news. The euro, however, strengthened after European leaders agreed to draw up a Ukraine peace plan.

The Dow Jones Industrial Average fell 649.67 points, or 1.48 per cent, to 43,191.24. The S&P 500 fell 104.78 points, or 1.76 per cent, to 5,849.72.

The Nasdaq Composite fell 497.09 points, or 2.64 per cent, to 18,350.19.

US economic data also weighed on stocks in Monday's session. It showed manufactur...