Investors dumped stocks on Wall Street late Monday after President Donald Trump said his would go forward as planned early Tuesday.
The dropped about 800 points, or 1.8%. The fell 2.1% and was set for its worst day of the year. The tech-heavy slid 3%, by a separate issue affecting , which was already down more than 9%.
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WATCH HERESpeaking at the White House alongside Commerce Secretary Howard Lutnick, the president said the clock had run out on finding concessions for America's two-largest trading partners to avoid sweeping new trade duties.
“No room left for Mexico or for Canada,” Trump said. “Tomorrow, tariffs, 25% on Canada and 25% on Mexico, and that will start.”
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SIGN UP He said he's also imposing an additional 10% tariff on China, on top of the 10% hike he recently instituted, which has from Beijing.
Trump also reiterated that would be coming on April 2. And in a post on his Truth Social platform earlier in the day, the president said tariffs on "external product" from the agriculture industry would also be imposed that day, without offering further details.
Even before his remarks, new economic data sounded fresh warnings about the solidity of the U.S. economy. A measure of manufacturing activity showed a jump in suppliers' costs, sparked in part by trade concerns.
“The incoming tariffs are causing our products to increase in price. Sweeping price increases are incoming from suppliers," one executive at a machinery firm told the Institute of Supply Management for its . "Most are noting increases in labor costs,” a respondent in the machinery sector said.
Monday's stock market selloff erases a strong start to the year for Wall Street, had the onset of the new Trump administration due to expected deregulation and tax cuts. After rising as much as 5% so far this year, the Dow is now only about 1% higher than where it began 2025.
Already, closely watched signs of consumers' expectations , and retail sales last month. Major brands are warning that the new administration's trade policies could dent their business in the months ahead, although some — such as Chipotle — so far say they .
온라인카지노사이트 News' Brian Cheung contributed.
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