The stock market opened with steep losses Monday in the wake of President Trump’s aggressive new tariffs on Canadian, Mexican and Chinese goods.
The Dow Jones Industrial Average was down 565 points, or 1.3 percent, after the opening bell Monday, the first day of trading since Trump’s Saturday tariff announcement. The S&P 500 index was down 1.7 percent and the Nasdaq composite was down 2.2 percent.
Trump signed orders Saturday imposing tariffs of 25 percent on all Canadian and Mexican products, with a lower 10-percent rate for energy goods. He also signed an order imposing an additional 10 percent tariff on Chinese goods, which were already subject to import taxes set during Trump’s first term and preserved by former President Biden.
Trump repeatedly pledged to impose new tariffs on U.S. trading partners throughout his presidential campaign, and promised soon after his election to hit Canada and Mexico with 25-percent tariffs. Even so, the fulfillment of that promise sent shockwaves throughout the political and economic worlds given the aggressiveness of Trump’s approach.
Canada and Mexico are the U.S.’s two largest trading partners, and are a critical source of produce, energy, lumber and manufactured goods for Americans.
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