It's Jim Kramer here. You're listening to the opening bell of CBC's squawk on the street.

Don't miss a minute of the action.

No, no, I'm not concerned. We may have short-term some little pain, and people understand that.

But long-term, the United States has been ripped off by virtually every country in the world.

We have deficits with almost every country, not every country, but almost. And we're going to change it. It's been unfair.

That is the president announcing tariffs on imports from the country's biggest trading partners.

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer,

David Faber, Post 9 of the New York Stock Exchange. Stokes are selling off, of course, as the street really guesses as to whether or not these tariffs truly take effect tonight and for how long. Let's begin with a global selloff. The president has signed an executive order to impose 25% tariffs on goods from Canada and Mexico. Canadian energy, 10%

same for Chinese imports. Canada and Mexico have threatened retaliatory measures. Trump is expected

to talk with his Canadian and Mexican counterparts later today. Jim, your thoughts going into this

incredibly busy week. Well, first, I mean, he said this over and over again.

And if you didn't take them seriously, I don't know what you were thinking.

I mean, this is what you elected, okay?

You elected this.

You elected the idea that we have too many people coming from Mexico.

You elected the fentanyl.

You elected that we have a strong stand against China.

Did you elect the Canada? And that's a little bit more, that's a little harder to understand.

But I just think, well, what were you worried about other than the fact he was going to do this?

So the market was way too high. I mean, even last night, as soon as this came out, NASDAQ was down 2.6%. Now it's come back. I think it has to revisit that level, David. Why do you think it has to revisit that level? Well, because I think people are just waking up and saying, what the hell? What am I doing? No, I saw someone this morning. Well, I wake up every morning. If it ends in Y, that's what we're saying. It has nothing to do with the market. I was watching someone on Frank's show this morning, 5 o'clock. And the person was basically, she was like an end of the worlder. I'm not an end of the worlder. Of course not. I think it's going to be a rough day. The market was at one point off a percent and a half

of the high. You take it in. Just suck it out. There is still an argument that I continue to hear

that the president is a negotiator. You know, he's coming big. He always does early. And then

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