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Key points President Donald Trump imposed 25% tariffs on Canada and Mexico and a 10% additional tariff on China. Experts say this will likely have a negative impact on the economy and spark higher inflation. The S&P 500 could take a 5% hit if they remain in place, experts say. The Dow fell more than 600 points after the opening bell Monday, while the Nasdaq was off nearly 2%. U.S. President Donald Trump signed an order on Saturday that imposes 25% tariffs on U.S. trade partners Canada and Mexico on imports from those countries. For Canadian energy companies, the tariff is slightly less at 10%. The order also includes a 10% additional tariff on imports from China. The new tariffs are set to take effect on Tuesday, and already, Canada has announced a 25% retaliatory tariff on many U.S. imports that starts on Tuesday. Mexico said it would also hit back with tariffs on U.S. if the tariffs go into effect. Meanwhile, China said it will take countermeasures and file a legal action against the U.S. with the World Trade Organization. While Trump had threatened tariffs during his campaign, the news was still stunning for investors and launched a broad trade war. U.S. stock markets all opened significantly lower on Monday with the Dow Jones Industrial Average down more than 600 points shortly after the opening bell. The S&P 500 was off 83 points, or 1.4%, while the Nasdaq dropped about 320 points, or 1.6%. But as the day wore on, the markets bounced back. That was likely due to a deal Trump struck with Mexico President Claudia Sheinbaum on Monday to delay tariffs for one month. Mexico agreed to fortify its border with 10,000 National Guard troops to stem the flow of illegal drugs into the U.S., while the…

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Filed under: News - @ February 4, 2025 7:23 am