Stocks continue slide; Dow declines 400 points
President Trump’s 25% tariffs on goods from Mexico and Canada took effect first thing Tuesday. Canada responded with plans to impose 25% tariffs on nearly $100 billion of U.S. imports, and Mexico's president said it would also retaliate, with a range of moves to be announced Sunday.
The U.S. also introduced an extra 10% tariff on Chinese imports overnight, adding to a levy imposed a month ago, and other existing duties. China swiftly announced retaliatory tariffs on U.S. agricultural goods, and other measures against American companies. Beijing also filed a lawsuit with the World Trade Organization.
Investors were rattled: the Dow industrials and other indexes fell in morning trading Tuesday, while gold surged, Wall Street's "fear gauge" picked up, and global equities largely retreated. Stocks had slid Monday, after Trump confirmed tariffs would go ahead.
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