US Stocks Plummet After Trump Announces Tariffs on Mexico, Canada, and China
Global auto stocks have taken a hit after US President Donald Trump announced tariffs on Mexico, Canada, and China. The move has led to a weakening of Mexico’s currency and retaliatory measures from Beijing and Ottawa.
On Monday, the Dow industrials, S&P 500, and Nasdaq Composite all fell by at least 1.5%. This downturn is attributed to Trump’s decision to impose tariffs on the three countries, citing unfair trade practices.
The impact of these tariffs is being felt across the globe. In response, Mexico has imposed tariffs on US goods, while Canada and China have also taken action against the US. Beijing has announced plans to raise tariffs on $34 billion worth of US goods, including soybeans, aircraft parts, and vehicles.
The tariff war has sparked concerns about the potential for a trade war between the US and its major trading partners. As the situation continues to unfold, investors are bracing themselves for further market volatility.
Source: https://www.wsj.com/finance/global-markets-weaken-as-u-s-implements-tariffs-5e280bae