The U.S. stock market sold off Monday as Wall Street digested President Donald Trump’s tariffs on Canadian, Chinese and Mexican goods set to go into effect Tuesday, though much of the losses were concentrated in Michigan’s auto sector and Silicon Valley.

US president Donald Trump on Saturday announced an additional tariff of 10% on imports from China and 25% on those from Mexico and Canada to the apparent surprise of investors, who had underpriced such risk. The tech heavy Nasdaq ( ^IXIC) was off more than 2% Monday morning.

On Jan. 27, Nvidia ( NVDA -3.67%) fell 17%, erasing over $590 billion from its market cap. It marked the greatest single-day market-cap destruction for a company in U.S. stock market history. While the growth stock recovered nearly half of those losses the following day, there are still lessons to be learned from this historic market event.