Stocks opened with heavy losses Friday, a day after President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE announced he would impose tariffs on Mexican goods if the country fails to prevent migrants from crossing the U.S. southern border.

The Dow Jones Industrial Average fell 249 points on Friday’s opening bell, a 1 percent loss that dragged the index under the 25,000-point threshold first crossed in January 2018. ADVERTISEMENT

The S&P 500 fell 30 points for a 1.1 percent loss, while the Nasdaq composite sank 90 points for a 1.19 percent loss.

Trump triggered a sell-off in stock futures Thursday night when announced he would impose a 5 percent tariff on all Mexican goods imported to the U.S. on June 10 “until such time as illegal migrants coming through Mexico, and into our Country, STOP,” a goal that has never been achieved in recent history.”

This developing report will be updated.