As Donald Trump confirmed that 25% levies would hit Canada and Mexico, Fox News might have regretted keeping their stock market ticker on the channel. As the President talked, the US stockmarket tanked.
The S&P 500 posted its biggest one-day decline of the year. The Nasdaq is down about 6.5% since Trump took office on January 20.
Stocks took a notable leg down in afternoon trading following President Trump’s reiteration that 25% levies on imports from Mexico and Canada would go into effect on Tuesday, dashing investors’ hopes of a last-minute deal to avert the full tariffs on the two U.S. allies. All three indexes traded in positive territory earlier in the day, with the Dow rising nearly 200 points at session highs.
Trump said: “Tomorrow, tariffs — 25% on Canada and 25% on Mexico. And that’ll start. … What they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs.”
Canadian Prime Minister Justin Trudeau said Ottawa would immediately respond with tariffs on $30 billion of US goods if the Trump administration’s measures go into effect.
An additional 10% tariff on Chinese imports is also expected to come into force, leaving all of America’s top three trade partners facing significantly higher barriers than just a few weeks ago.
Trump is also considering 25% tariffs on goods from the EU “very soon” after claiming the bloc was created to “screw the United States”.
Fox ticker
You can see it for yourself (below).
Reactions
A lot of people reacted to Trump’s wrecking ball currently smashing holes into the US economy.
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