Wall Street slumps after Trump says tariffs to go into effect tomorrow, GDP outlook turns negative
CBSN
Stocks fell sharply on Monday after President Trump said he has decided to move forward with 25% tariffs on nearly all goods imported from Mexico and Canada, with Wall Street concerned that the import duties could threaten U.S. economic growth and reignite inflation.
The broad-based S&P 500 index tumbled 105 points, or 1.8%, to 5,850, marking its biggest one-day decline so far this year. The tech-heavy Nasdaq composite index shed 2.6%, while the Dow Jones Industrial Average fell 1.5%.
Additionally, new data from the Federal Reserve Bank of Atlanta is forecasting an economic contraction in the first quarter, with gross domestic product projected to decline an annualized 2.8% in the current quarter — a reversal from growth of almost 3% that was forecast as recently as early February.
