Markets tumbled Monday, with losses accelerating in the afternoon after President Donald Trump confirmed that 25% tariffs on imports from Canada and Mexico will take effect. Earlier in the session, stocks were already under pressure following a weaker-than-expected February report on a key manufact
Stocks tumbled Monday as investors prepared for the midnight deadline on President Donald Trump’s proposed tariffs on Canada, Mexico, and China.
The Dow Jones Industrial Average closed down 650 points, or 1.48%, at 43,191. The index had plunged nearly 900 points in afternoon trading before recovering some losses. The broader S&P 500 fell 1.76%, while the Nasdaq Composite dropped 2.64%, bringing its total decline since Trump took office to approximately 6.5%.
Trump Defends Tariffs
"Tomorrow, tariffs—25% on Canada and 25% on Mexico," Trump declared during a White House press conference. "What they have to do is build their car plants and other things in the United States, in which case they have no tariffs."
Trump stated that both countries had "no room left" for negotiations, emphasizing that the tariffs were a necessary response to economic imbalances. "They're all set. They go into effect tomorrow," he confirmed.
Market Volatility and Investor Concerns
Following Trump’s remarks, Wall Street’s fear gauge, the VIX index, surged to its highest level this year.
“The uncertainty surrounding the tariffs has wiped out the gains from the ‘Trump bump’ following the presidential election,” said Gustavo Flores-Macias, a professor of government and public policy at Cornell University.
Commerce Secretary Howard Lutnick, speaking alongside Trump, suggested that global companies could avoid tariffs by investing in U.S. production. He pointed to Taiwanese chipmaker TSMC, which announced a $100 billion U.S. investment earlier Monday.
Economic and Business Impact
Analysts at Goldman Sachs warned that while tariffs might increase demand for American-made goods by making imports more expensive, they could also raise costs for U.S. businesses and trigger foreign retaliatory measures.
“Tariff increases will raise production costs for domestic producers and could lead to countermeasures against U.S. exports, both of which could hurt economic growth,” Goldman Sachs analysts wrote in a note.
The stock market selloff coincided with the latest Institute for Supply Management (ISM) survey, which showed that while manufacturing activity remained in expansion territory, it had slowed—with tariff concerns dominating business responses.
Egypt and the European Commission have signed a soft funding agreement worth 90 million euros (approximately $93.9 million) to enhance food security in the country, according to Egypt’s Ministry of International Cooperation.
Intel has announced a further delay in the completion of its long-awaited Ohio chip fabrication facilities, now targeting an opening for its first facility in 2030 and the second in 2031. The delays push back the original 2025 timeline set when the project was first unveiled in 2022.
Some 47 million Europeans were not able to adequately heat their homes last year, says Dan Jorgensen
Mr. Baghdad Amreyev, Founding President of the Turkic Investment Fund, outlines plans to expand the fund’s capital from $600 million to $1 billion this year, with a goal of reaching $3 billion in the next three years.
President scheduled to speak before full Congress on Tuesday at 9 pm EST
Coalition of conservative, social democratic, and liberal parties prevents far right from governing
Military financing has been stopped, and officials are meeting to consider suspending another type of assistance
Markets tumbled Monday, with losses accelerating in the afternoon after President Donald Trump confirmed that 25% tariffs on imports from Canada and Mexico will take effect. Earlier in the session, stocks were already under pressure following a weaker-than-expected February report on a key manufact
Ambassador Christina Markus Lassen pledges to strive for 'constructive, creative and consistent' presidency
A centuries old tradition of cheese-throwing has brought excitement to the town of Novara di Sicilia as its residents both young and old trooped out en masse to participate in the game.
Norway’s government has affirmed that it will continue to supply fuel for U.S. Navy vessels, dismissing recent calls from a private marine fuel supplier to halt deliveries amid tensions linked to U.S.-Ukrainian relations.
Watch AnewZ Live Coverage of the Trump-Zelenskyy meeting at the Oval Office at https://anewz.tv/tv-live
Ukrainian President Volodymyr Zelenskyy reaffirmed his respect for the United States and its people in an interview with Fox News, following a tense meeting with U.S. President Donald Trump at the White House.
DBS Group, Southeast Asia’s largest bank, announced plans to cut approximately 4,000 jobs - about 10% of its current workforce - over the next three years as artificial intelligence increasingly assumes roles traditionally performed by human employees.
U.S. President Donald Trump announced on social media that five digital assets will be included in a new U.S. strategic reserve of cryptocurrencies, a move that spurred a significant surge in market values.
The global ocean shipping industry, which handles roughly 80% of world trade, is facing heightened uncertainty amid a series of trade and geopolitical threats from the U.S. administration.
U.S. Commerce Secretary Howard Lutnick announced on Sunday that tariffs on imports from Canada and Mexico will go into effect on Tuesday, though the exact rates remain uncertain.
The Vietnamese government has approved funding of 12.8 trillion VND ($500 million) to build a small-scale semiconductor chip manufacturing plant, with the goal of developing a domestic chip industry and ensuring supply chain resilience.
Volkswagen is set to recall 60,490 vehicles in the United States after the U.S. National Highway Traffic Safety Administration (NHTSA) identified a potential safety issue. The recall, which affects certain models, is due to a failure to display the gear position.
President scheduled to speak before full Congress on Tuesday at 9 pm EST
Coalition of conservative, social democratic, and liberal parties prevents far right from governing
Military financing has been stopped, and officials are meeting to consider suspending another type of assistance
Markets tumbled Monday, with losses accelerating in the afternoon after President Donald Trump confirmed that 25% tariffs on imports from Canada and Mexico will take effect. Earlier in the session, stocks were already under pressure following a weaker-than-expected February report on a key manufact
Ambassador Christina Markus Lassen pledges to strive for 'constructive, creative and consistent' presidency
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