Trump Tariffs Live Updates: 25% Levies on Canada, Mexico Take Effect - News and Analysis
Stocks closed lower after a volatile day of trading, with automakers and banks among big losers, after President Trump hit Mexico, Canada and China with tariffs, prompting pushback from all three countries. In recent trading:
U.S. stocks fell. The Dow Jones Industrial Average and S&P 500 dropped more than 1.2%, with the Nasdaq Composite rebounding off its low before finishing the day down 0.35%. The Nasdaq had earlier in the day flirted with correction territory, down more than 10% from a recent closing peak.
Individual stocks seen as more exposed to tariffs such as General Motors, Tesla and Best Buy—which also reported results—fell more sharply.
Wall Street's fear gauge, the VIX, rose another 5%. The volatility index had closed at its highest level of this year on Monday.
Gold prices advanced, in another sign of mounting investor caution.
Treasury yields steadied. The 10-year yield edged higher to 4.209% from 4.178% Monday, the lowest this year.
Mexico's peso weakened, while the Canadian dollar strengthened, after selling off Monday. One interpretation for the relative calm: Currency traders doubt tariffs will stick.
European indexes dropped, with auto makers like Volkswagen and Stellantis under pressure. Germany's DAX fell 3.5%.
In Asia, Japan's Nikkei 225 fell 1.2%, while indexes in mainland China and Hong Kong posted small moves.
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