U.S. stock market plunge as Trump’s tariffs spark fears about a trade war
U.S. stock markets plummeted on Tuesday morning as a new global trade war began.
China and Canada announced new retaliatory measures on Tuesday after President Trump’s long-promised tariffs took effect overnight. Trump imposed a 25% levy on most imports from Canada and Mexico, with an additional 10% tariff on Canadian energy exports. Tariffs on Chinese goods were increased from 10% to 20%.
U.S. investors continued a selloff that had started on Monday after Trump announced that there was “no room left” for negotiation with Mexico or Canada.
The Dow fell 1.8%, or more than 770 points in mid-morning trading on Tuesday. The Nasdaq and S&P 500 also dropped more than 1.5%. The price of bitcoin fell below $83,000, shedding all of its gains from a weekend rally after Trump said he would create a U.S. “strategic reserve” of cryptocurrencies, including Bitcoin.
Canada, Mexico, and China are the country’s three largest trading partners. The escalating trade war is likely to result in consumers paying higher prices for a wide range of products, including fruits and vegetables, flat-screen TVs, and auto parts.
Shares of major U.S. automakers Ford and GM also plunged on Tuesday. So did the shares of Best Buy and Target, as those large retailers warned that the new tariffs could increase the prices their customers pay.
A New Orleans restaurant owner’s Facebook was hacked. It put her business in jeopardy
“Swamp chic” is how Hillary Hanning describes The Little House, the neighborhood bar she owns on New Orleans’ West Bank. It’s the kind of place where a customer can sip […]
To get from experience to emotion, the brain hits ‘sustain’
A study of mice and people looks at how the brain takes an experience, like being cut off in traffic, and responds with an emotion, like road rage.
Why the U.K. prime minister is calling for a bigger military to face Russia
Key NATO members are upping their defense posture in response to threats from Russia. Experts say the Trump administration's confrontational approach to the alliance is a factor as well.
How DOGE’s push to amass data could hurt the reliability of future U.S. statistics
DOGE's murky push to amass data at federal agencies could hurt the U.S. government's ability to produce reliable census results, economic indicators and other statistics in the future, experts warn.
Word of the Week: This four-letter word doesn’t mean what it used to. That’s nice
Like any self-respecting four-letter word, "nice" has many connotations. Centuries ago, "nice" meant someone was ignorant; now it has very different meanings. And that, as they say, is "noice."
COMIC: Don’t panic! 6 strategies to keep you calm in a crisis
In dire situations, stress can make us panic and impair our ability to make lifesaving decisions. Emergency response professionals share the tactics they use to stay cool and collected on the job.