Shares opened lower Tuesday in Asia after U.S. stocks fell sharply just ahead of a new round of higher tariffs imposed by U.S. President Donald Trump. Tariffs of 25% on Canada and Mexico were due to take effect early Tuesday.
The broader market has seen a considerable decline over the past week as investors re-assessed tech names. Wall Street’s change of mind about AI already drove down stocks. Still, as the Trump administration announced more tariffs for China and remained stubborn on slapping tariffs on both Canada and Mexico,
Stock futures were little changed after the market failed to stage a rebound Monday. President Donald Trump indicated tariffs on Canada and Mexico could go into effect next week. Home Depot narrowly beat Wall Street's fourth-quarter earnings and revenue expectations.
U.S. President Donald Trump is expected to retreat more on 25% tariffs against Canada and Mexico after Wall Street opened with big losses for stocks Thursday and businesses and consumers
U.S. President Donald Trump is expected to retreat more on 25% tariffs against Canada and Mexico after Wall Street opened with big losses for stocks Thursday and businesses and consumers
The Trump administration imposed tariffs on imports from Canada and Mexico starting Tuesday and doubled tariffs against imports from China.
Stocks racked up more losses on Wall Street Tuesday as a trade war between the U.S. and its key trading partners escalated, wiping out all the gains since Election Day for the S&P 500.
Wall Street extended its losing streak to three consecutive weeks, with the Nasdaq 100 sliding into correction territory after tumbling more than 10% from its peak. The S&P 500 also gave up all gains accumulated post-Trump election.
All three major U.S. markets sank before regaining lost ground on fears a trade war will hobble the world’s largest economy and boost inflation.
Economic forecasts have been weakening. While some see slower growth, several commentators see the chance of an outright recession rising this year.
The Wall Street Journal argued that "someone should sue" the Trump administration over the massive tariffs it has imposed on Mexico and Canada.