Wall Street shifted lower in early trading Wednesday as markets took in more corporate earnings reports while considering the impact of tariffs being imposed by the United States and China.

U.S. equity futures tumbled in early Monday trading, while energy prices leaped and the dollar soared to a two-year high against its currency peers as markets reacted to the weekend tariff announcements of President Donald Trump and their potential to trigger a global trade war.

President Trump may have just started, ended and won the shortest trade war in history. After declaring 25 percent tariffs on Canada and Mexico Saturday evening, he announced he struck a deal with the leaders of both countries by Monday afternoon,

Stocks surrendered early gains and closed lower after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners.

Stocks are set for their third straight day of declines as the potential for a global trade war continues to simmer.