Wall Street Briefly Drops 10% Below Its Record
The U.S. stock market is falling further Tuesday following President Donald Trump’s latest escalation in his trade war, briefly pulling Wall Street 10% below its record set just a few weeks ago.
The S&P 500 was down 0.6% in afternoon trading after Trump said he would double planned tariff increases on steel and aluminum coming from Canada. The president said it was a response to moves a Canadian province made after Trump began threatening tariffs on one of the United States' most important trading partners.
The Dow Jones Industrial Average was down 371 points, or 0.88%, as of 2:29 p.m. Eastern time. While most stocks on Wall Street were falling, gains for Tesla and a handful of other highly influential stocks were muting the effect, and the Nasdaq composite was flat.