Source: New York Times
“China, Canada and Mexico responded angrily on Tuesday to steep new tariffs imposed by President Trump, setting off a day of retaliatory actions, stern warnings and falling stock prices as the potential ramifications of an escalating trade war began to sink in. Stung by the tariffs — an additional 10 percent on imports from China and 25 percent on almost all imports from Canada and Mexico — prompted Canada and China to quickly announce retaliatory actions, including measures that could bar some American products from their markets entirely and hit U.S. farmers particularly hard. … The S&P 500 fell as much as 2 percent, before moderating losses in the afternoon and ending the day down 1.2 percent. The day’s selling was broad based, with roughly 80 percent of the stocks in the S&P 500 lower for the day.” (03/04/25)