Stocks Plunge as Trump Announces Tariffs on Canada, Mexico

During a live announcement on Fox News, President Trump confirmed the implementation of 25% tariffs on imports from Canada and Mexico, and a 10% increase on tariffs against China, causing immediate turmoil in the stock market. The Dow Jones dropped over 650 points as Trump's remarks aired, reflecting fears of higher inflation and potential economic fallout. Critics argue that these tariffs, aimed at addressing drug trafficking and illegal immigration, will ultimately lead to increased prices for consumers, contradicting Trump's campaign promises. Economists warn that such tariffs may not achieve their intended goals and could exacerbate existing economic issues. Both Canada and Mexico have criticized the tariffs as violations of trade agreements. As the market reacts negatively, concerns grow over the long-term implications of these trade policies on the U.S. economy.