Dow Drops 500 Points as Selling Returns to Wall Street on Trump Tariff Confusion
Stocks tumbled Thursday as investors sought out more clarity on the latest U.S. tariff measures and their impacts on the economy.
The Dow Jones Industrial Average traded 429 points lower, or 1%. The S&P 500 shed 1.3%, and the Nasdaq Composite pulled back 1.5%.
U.S. tariffs on Canadian, Mexican and Chinese imports took effect this week, rocking financial markets. Canada and China responded with retaliatory levies of its own, while Mexico said it would unveil measures over the weekend.
The major averages have each lost around 3% this week as trade tensions escalate. That’s even after the benchmarks got a boost Wednesday after the White House said it would grant a one-month delay for tariffs on automakers whose cars comply with the United States-Mexico-Canada Agreement.
This development fueled traders’ hopes that Trump could provide further exemptions. Yet some on Wall Street questioned the effectiveness of these exceptions.
Source : CNBC
