Dow Drops 450 Points Amid New Trump Tariffs On Canada
The stock market took another hit today as the Dow Jones Industrial Average plummeted 450 points, reaching a six-month low. This sharp decline came in response to former President Donald Trump’s announcement of new tariffs on Canadian steel and aluminum. Investors reacted swiftly, fueling uncertainty in the financial markets.
At midday, the Dow was down 1.1%, bringing it to its lowest point since September 13. This drop was largely driven by major losses from industry giants like Amgen, Apple, McDonald's, and Visa. The S&P 500 also dipped 0.7%, while the Nasdaq, though impacted less, edged down 0.2%.
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The biggest losers in today’s market downturn were automobile stocks. Ford, General Motors, and Stellantis—the parent company of Jeep—each saw their shares fall more than 3%. The American auto industry relies heavily on Canadian steel and aluminum, and the sudden tariff increase from 25% to 50% adds significant pressure on manufacturing costs. Trump even took to social media to express his goal of shutting down Canada’s automobile manufacturing sector permanently.
Surprisingly, Tesla managed to escape the downward trend. The electric vehicle giant's stock rose 3%, rebounding slightly after a series of dramatic losses in recent weeks. Similarly, Nvidia, a leader in artificial intelligence technology, also saw a modest increase in its share price following weeks of steep declines.
This latest market slump follows Monday’s brutal selloff, which saw the Nasdaq suffer its worst day since 2022. Since Trump took office in January, all three major U.S. stock indexes have been on a downward trend, erasing gains made in the past year. While Trump has often dismissed the importance of stock market fluctuations, economists at Goldman Sachs warn that these tariffs could fuel inflation and slow economic growth, raising the probability of a recession from 15% to 20%.
As uncertainty continues to shake the markets, investors and businesses alike are closely watching for further developments. Will this tariff battle escalate further, or will a resolution be reached before economic damage deepens? Only time will tell.
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