Stocks dropped to kick off February after President Donald Trump hit several key U.S. trading partners with tariffs, raising fears that a full-blown trade war would disrupt global supply chains, reignite inflation and slow the economy.
The Dow Jones Industrial Average traded more 458 points lower, or 1.1%. The S&P 500 shed 1.5%, and the Nasdaq Composite slid 1.8%.
The impact from the new tariffs ricocheted around the globe in a risk-off move.
President Donald Trump on Saturday slapped a 25% tariff on goods from Mexico and Canada. He also placed a 10% levy on imports from China. Energy imports from Canada received a lower 10% tariff. Canada responded with retaliatory tariffs of its own, while Mexico said it would explore levies on U.S. imports. The Chinese government, meanwhile, said it would file a lawsuit with the World Trade Organization.
Trump also signaled over the weekend that tariffs on the European Union would be imposed next.
Source : CNBC
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