Tariffs on Canada and Mexico Hit Wall Street Hard
Wall Street's main stock indexes tumbled late Monday to end sharply lower after President Donald Trump announced the start of 25% tariffs on Canada and Mexico. The S&P 500 lost 1.75%, to end at 5,850.31 points, while the Nasdaq Composite lost 2.64%, closing at 18,350.19. The Dow Jones Industrial Average fell 1.47%, to 43,197.30. The Canadian dollar and Mexican Peso each fell to a one-month low against the U.S. dollar.
- Markets are struggling to price in the uncertainty of Trump's trade policies, which could lead to a protracted period of volatility and economic disruption.
- Will the impact of these tariffs be felt more acutely in industries that rely heavily on exports to Canada and Mexico, or will the effects be more broadly felt across the economy?