Stocks drop after Trump announces 35% tariff on Canada
CNN
US stocks fell on Friday after President Donald Trump threatened a 35% tariff on Canada — a sharp escalation in an ongoing trade war.
US stocks mostly fell on Friday after President Donald Trump threatened a 35% tariff on Canada — a sharp escalation in an ongoing trade war. The Dow was lower by 226 points, or 0.5%. The broader S&P 500 fell 0.28% and the tech-heavy Nasdaq Composite was flat. Stock futures dropped Thursday night after Trump announced the 35% tariff on Canada, set to take effect on August 1. The S&P 500 was on track to snap back-to-back days of gains. Global stock markets had largely shrugged off Trump’s tariff threats this week. The S&P 500 and Nasdaq closed at record highs on Thursday despite Trump announcing a 50% tariff on Brazil the day before. With stocks at record highs and trade uncertainty lingering, investors are divided on whether markets are complacent or there is room to push higher. Trump on Thursday said in an interview with NBC News that tariffs on other US trading partners could also jump higher, citing the stock market’s strength. “I think the tariffs have been very well-received,” he said. “The stock market hit a new high today.”
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