Wall Street slumps after Trump says tariffs to go into effect tomorrow, GDP outlook turns negative
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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.
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
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Companies in the U.S. that paid tariffs invalidated by the Supreme Court in February are legally entitled to refunds, a federal judge ruled on Wednesday. In:
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