Helsinki Stock Exchange on Monday reacted to Donald Trump placing a 25-percent tariff on imports from Canada and Mexico, and a 10-percent levy on goods from China.
In Helsinki, the stock exchange has dropped around two percent.
Nokia's stock is down more than two percent. Last week, the company surged nearly seven percent in a single day following a better-than-expected earnings report.
Finnish marine and energy equipment manufacturer Wärtsilä is down around four percent, while elevator maker Kone has declined around 2.5 percent. The drop comes after Kone posted strong gains last week, driven by a better-than-expected earnings report.
Industrial machinery firm Metso's shares are trading down five percent, while fuel firm Neste has fallen some 3.5 percent.
Analysts have warned that Trump's tariffs on European goods could have a particularly negative impact on the automotive industry. Global auto stocks declined on Monday, with European and Asian manufacturers seeing losses of up to 7.5 percent.
Reactions on the Finnish stock exchange, however, remained mixed, with no clear pattern emerging as to which companies are most affected by the tariff threat.
Analysts from investment banks Morgan Stanley and UBS estimate that tariffs could slash up to half of the United States' inflation-adjusted economic growth this year.
The US dollar meanwhile strengthened on Monday, driven by expectations that tariffs will reduce American imports, thereby decreasing demand for foreign currencies.