Wall Street felt the heat on Monday as President Donald Trump's announcement of 25% tariffs on Canada and Mexico sent major stock indexes tumbling. 📉 Investors were caught off guard when Trump declared there was no turning back, stating that Mexico and Canada have no choice but to comply or relocate their operations to the United States.
\"They're going to have to have a tariff. So what they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs,\" Trump emphasized at the White House. This hardline stance led to significant drops in key indices:
- S&P 500: Lost 1.75% to close at 5,850.31 points
- Nasdaq Composite: Dropped 2.64% to finish at 18,350.19
- Dow Jones Industrial Average: Fell 1.47% to end at 43,197.30
Additionally, the Canadian dollar and Mexican Peso plummeted to a one-month low against the U.S. dollar, reflecting the immediate impact of the tariffs on these economies. 💸
Market watchers are keeping a close eye on how these tariffs will influence future trading and international relations. Stay tuned for more updates on this developing story!
Reference(s):
cgtn.com
