The stock market opened sharply lower Monday after former President Trump announced new tariffs on Canadian, Mexican, and Chinese goods.
The Dow Jones Industrial Average dropped 565 points (1.3%), while the S&P 500 and Nasdaq fell 1.7% and 2.2%, respectively.
On Saturday, Trump signed orders imposing a 25% tariff on all Canadian and Mexican imports, with a 10% rate on energy goods. He also added a 10% tariff on Chinese products, expanding previous import taxes set during his first term and maintained by President Biden.
Trump had long promised to impose tariffs on U.S. trading partners, but the scale of the new measures sent shockwaves through political and economic circles. Canada and Mexico, America’s top trading partners, provide critical resources like produce, energy, and lumber.
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