U.S. Stocks Fall After President Trump Imposes Tariffs on Canada and Mexico
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How did the stock market indices perform after the tariff announcement?
Here's your closing bell brief for Tuesday, March 4th. I'm Danny Lewis for The Wall Street Journal. US-Stocks fell after President Trump's 25% tariffs on goods from Mexico and Canada took effect this morning. The Dow Jones Industrial Average lost 670 points to close at 42,521. The S&P 500 fell more than 72 points and the Nasdaq gave up 65 points. In response to Trump's new tariffs, Canada said it would impose 25% tariffs on about $100 billion of imported U.S. goods in two waves. The first would target $20 billion of goods, including alcohol, clothing and household appliances, that are made in Republican-leaning states. A second batch of tariffs, targeting around $90 billion of goods, would emerge in about three weeks.
Meanwhile, Mexico's president said she will announce retaliatory measures on Sunday. Trump also imposed an extra 10% tariff on Chinese imports overnight. China responded with its own new tariffs on agricultural goods like chicken, wheat, corn and cotton. The country also filed a lawsuit against the new tariffs with the World Trade Organization. Individual companies seen as more exposed to tariffs fell more sharply, like General Motors, which lost 4.6%, Tesla, which fell 4.5%, and Best Buy, which dropped 13.3%. Bank stocks also slid, with investors worried about tariffs putting a damper on economic growth. Shares of Citigroup lost 6.25%, Bank of America fell 6.3%, and Wells Fargo dropped 4.8%.
We'll have a lot more coverage of the day's news on the WSJ's What's News Podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
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