Wall Street's rout deepens as President Trump's tariffs go into effect
CBSN
A rout on Wall Street deepened on Tuesday as companies and investors digested the impact of President Donald Trump's decision to impose tariffs on the U.S.'s biggest trading partners, as well as retaliatory tariffs from Canada, China and Mexico.
The S&P 500 shed 101 points, or 1.7%, to 5,748 Tuesday morning, while the tech-heavy Nasdaq composite index tumbled 1.5%. The Dow Jones Industrial Average dropped 1.8%.
Tuesday's declines add to a big sell-off Monday after President Trump said he had decided to move forward with 25% tariffs on nearly all goods imported from Mexico and Canada, and an additional 10% on Chinese imports, with Wall Street concerned that the import duties could threaten U.S. economic growth and reignite inflation.
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