Wall Street closes lower as Trump sets 25% tariffs
U.S. stocks tumbled on Monday after President Trump announced sweeping 25% tariffs on Canada and Mexico, with the Dow dropping almost 1.5%, the S&P 500 shedding more than one-and-three-quarters percent and the Nasdaq spiraling more than 2.6%.
U.S. stocks opened lower after President Donald Trump’s 25% tariffs on Mexican and Canadian goods and an additional 10% tax on Chinese goods, bringing the total tariff to 20%, went into effect and spurred some retaliation.
China levied tariffs of up to 15% on some U.S. products, and Canadian Prime Minister Justin Trudeau said his country would also put a 25% levy on U.S. goods. Mexico said it would announce retaliatory tariffs on Sunday.
Commerce Secretary Howard Lutnick suggested in a CNBC interview Tuesday morning that even more tariffs are coming for Canada.
The auto industry is seen as one of the biggest losers in this trade war with Canada…
