President Donald Trump has made Treasury Secretary Scott Bessent the acting director of the Consumer Financial Protection Bureau after firing former head Rohit Chopra over the weekend.

Bessent, a former hedge fund manager who was confirmed as head of the U.S. Treasury last week, will presumably lead the CFPB until a permanent pick is named.

“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” Bessent said in a CFPB statement announcing his appointment.

This story is developing. Please check back for updates.

The U.S. stock market was rocked as President Donald Trump kicked off a possible a global trade war. Shares of companies spanning the auto, industrial, retail and beverage industries with international supply chains were hit particularly hard.

Trump on Saturday slapped a 25% tariff on goods from Mexico and Canada, while adding a 10% levy on imports from China. Canada responded with retaliatory tariffs of its own, while Mexico said it would explore levies on U.S. imports. Trump also ramped up his tariff threats to the European Union.

Tariffs could not only increase the cost of transporting goods across borders, they could also disrupt supply chains and crimp business confidence. Goldman Sachs warned that Trump’s latest action could cause a 5% sell-off in U.S. stocks due to the hit to corporate earnings. Here are some of the most affected industries and stocks:

Automakers

These tariffs could have a material impact on the global automotive industry, which has a heavy reliance on manufacturing operations across North America.

Detroit’s big three car makers — General Motors, Ford, and Stellantis — could feel the pain from disrupted supply chains as a result of tariffs and may be forced to shift production from foreign factories to the United States.

Food and beverage

Constellation Brands, a large importer of alcohol from Mexico, is leading a sell-off among booze stocks. Also Canada has threatened to pull American alcohol from its government-run liquor shelves in response to Trump’s 25% tariffs.

Restaurant chain Chipotle Mexican Grill and avocado company Calavo Growers could feel the pain from more costly supplies as these companies import avocados from Mexico.

Retailers

Sportswear brands Nike and Lululemon could be vulnerable to Trump’s tariffs because of their heavy reliance on Chinese imports, including fabrics. Their sizable business in China could also be hurt by the negative sentiment from the trade war.

Discount retailers like Five Below and Dollar General could be among the hardest hit businesses as imports from China usually make up a significant portion of their sales. Another victim could be Canada Goose, a Canada-based luxury outerwear firm.

Railroads

Tariffs could be damaging to railroad operators as heavy duties could slow the flow of goods being transported to the U.S., hurting their revenue and profits.

Union Pacific Corporation is a railroad company that moves freight to and from the Atlantic Coast, the Pacific Coast, the Southeast, the Southwest, Canada and Mexico. Norfolk Southern, and Canadian Pacific Kansas City are also exposed to the tariffs.  

Chinese e-commerce

Trump’s tariffs also targeted a trade provision that helped fuel the explosive growth of budget online retailers, including Temu. The orders against China, Canada and Mexico all halt a trade exemption, known as “de minimis,” which allows exporters to ship packages worth less than $800 into the U.S. duty free.

PDD Holdings-owned Temu and Alibaba‘s AliExpress may no longer be able to take advantage of the loophole to sell cheap apparel, household items and electronics.