Stock market shows concern following President Trump’s weekend tariff announcement
NEW YORK (Gray Media) - A brewing trade war sparked over the weekend by the Trump istration is reverberating around the U.S., with the stock market plummeting when the bell rang Monday morning.
It was immediate backlash from traders on Wall Street after President Donald Trump announced 25 percent tariffs on imports from Mexico and Canada and an additional 10 percent on Chinese imports.
The S&P 500, NASDAQ, and Dow Jones all tumbled downward with fears over an escalating trade war that could put a serious strain on American consumers. Over the weekend President Trump himself warned Americans that they may feel some pain because of this trade tactic he promised to see through on the campaign trail.
Many, including the U.S Chamber of Commerce, warned of the pitfalls of imposing tariffs. The world’s largest business lobby issued a statement saying that tariffs will not solve the problem of fentanyl flowing into the United States and will only raise prices for American families and upend supply chains.
By midday Monday, stocks had rebounded after the president announced an agreement with Mexico’s president to delay tariffs by one month as the two countries work to shore up border security and come to more suitable trade from Trump’s perspective.
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