A trader works on the floor of the New York Stock Exchange in New York, the United States, on Feb. 19, 2025. (Xinhua/Liu Yanan)

US stocks slumped on Monday afternoon as the United States is set to impose tariffs on imports from its major trading partners starting Tuesday.

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all lost over 2 percent at one point in the afternoon session.