Tariffs Imposed on Canada and Mexico Sink US Stocks
US stocks plummeted on Monday afternoon, with selling accelerating in the last hour of trading after President Trump indicated there was "no room left" for tariff negotiations with Canada and Mexico, indicating that new levies against both countries will go into effect tomorrow. The S&P 500 fell 1.7%, posting its worst day of 2025, while the tech-heavy Nasdaq Composite dropped 2.6%. The Dow Jones Industrial Average fell nearly 650 points, or almost 1.5%, as the major US indexes came off a volatile week and a losing February.
- The escalating trade tensions between the US and its trading partners could have far-reaching consequences for global economic growth, potentially leading to a recession if left unchecked.
- Will the upcoming jobs report and retail earnings announcements be able to offset the negative impact of these tariffs on consumer confidence and spending?