Stock Plunge as Trump Confirms Mexico and Canada Tariffs
Summary
Stock markets plunged on Friday, with the S&P 500 falling 1.76% and the Dow Jones Industrial Average dropping 649.67 points, as President Trump confirmed that 25% tariffs on imports from Mexico and Canada will take effect on Tuesday, dashing hopes of a last-minute deal to avert the full tariffs.
Key Points
- The S&P 500 fell 1.76% and the Dow Jones Industrial Average dropped 649.67 points as President Trump confirmed tariffs on Mexico and Canada will start on Tuesday.
- Stocks took a leg down after Trump said 25% levies on imports from Mexico and Canada would go into effect, dashing hopes of a last-minute deal to avert the full tariffs.
- The sell-off came after the major indexes posted losses in February, largely over fears of the effect of tariffs and signs of a weakening economy.