U.S. stocks took a nosedive on Monday after President Donald Trump announced steep new tariffs on Mexico and Canada, sparking fears of a fresh trade war 🌎💥. The 25% tariffs, set to kick in on Tuesday, March 4, target cars and other goods—and investors are already bracing for fallout.
\"Very importantly, tomorrow, tariffs, 25 percent on Canada and 25 percent on Mexico, and that'll start,\" Trump told reporters at the White House. He urged companies to build factories in the U.S. to avoid tariffs, but markets reacted sharply, with the Dow dropping nearly 400 points by midday 📉.
The move follows a rollercoaster of negotiations. Last month, Trump signed an order imposing tariffs on Mexican and Canadian imports, including a 10% hike on Canadian energy products. But hopes for a deal bought time when tariffs were delayed until March 4. Now, the countdown is on ⏳.
Analysts warn the tariffs could ripple through supply chains, hiking prices for everything from electronics to avocados 🥑. With \"reciprocal tariffs\" from Mexico and Canada set for April 2, tensions are heating up faster than a TikTok trend 🔥.
