US stocks fell sharply amid President Trump’s tariffs on Mexico and Canada, with the Dow sinking over 500 points and the Nasdaq heading towards a correction. The jobs report showed fewer than expected job additions in February, while the unemployment rate rose.
Retailers are seen as resilient despite the uncertainty, with one giant announcing a $10 billion deal to take its chain private. However, some experts warn that Trump’s tariffs could lead to increased costs for new car buyers and crony capitalism.
The US wants to secure critical minerals ahead of China in the global market, but the CHIPS Act has sparked controversy from Trump. BlackRock’s Panama Canal deal is a win for chief Larry Fink, while Canadian Prime Minister Justin Trudeau criticized Trump’s tariffs as ‘a very dumb thing to do.’
Investors are also bracing for new tariffs that could surpass Trump’s previous efforts during his first term. The former head of Social Security is worried the program could miss payments to seniors due to delayed funding.
Source: https://finance.yahoo.com/news/us-house-panel-issues-subpoena-184033674.html