Wall Street stocks plummeted late Monday following former U.S. President Donald Trump's announcement of 25% tariffs on Canada and Mexico, triggering a sharp market sell-off. The S&P 500 (.SPX) dropped 1.75%, closing at 5,850.31, while the Nasdaq Composite (.IXIC) fell 2.64% to 18,350.19. The Dow Jones Industrial Average (.DJI) declined 1.47% to 43,197.30.
Trump stated there was \"no chance\" for the two countries to avoid the tariffs, urging automakers to relocate production to the U.S. \"They're going to have to build their car plants… in the United States,\" he remarked at the White House. The Canadian dollar and Mexican peso both hit one-month lows against the U.S. dollar amid the news.
Analysts warn the tariffs could disrupt North American trade dynamics, with potential ripple effects across global supply chains. Investors are bracing for heightened market volatility as the policy takes effect Tuesday.
