Trump Tariffs Spark Trade War, Rattling Markets
Summary
President Trump's imposition of steep tariffs on imports from key trade partners sparked retaliatory measures and ignited a trade war, causing market turmoil and major stock losses amid escalating tensions.
Key Points
- President Trump imposed 25% tariffs on imports from Canada and Mexico, prompting retaliatory tariffs from those countries.
- China also announced retaliatory tariffs of up to 15% on some U.S. goods and new export controls in response to Trump's additional 10% tariff on Chinese imports.
- The escalating trade war caused major U.S. stock market losses, with the S&P 500 having its worst day of 2025 on Monday.