U.S. President Donald Trump’s announcement on Monday caused panic on the New York Stock Exchange.
Trump confirmed that the 25% tariff on Mexico and Canada would take effect on Tuesday as planned, leaving no room for negotiation.
Earlier that day, Trump had also revealed plans to impose tariffs on imported agricultural products. The U.S. mainly imports fresh produce from Mexico.
According to The Wall Street Journal and other media outlets, Trump announced at the White House that a 25% tariff would be imposed on Canada and Mexico starting tomorrow, emphasizing, “It starts tomorrow.”
He emphasized that the tariffs would be implemented and added that to avoid these tariffs, they must build their car factories and, frankly, other manufacturing facilities in the United States.
In addition to these measures, Trump decided to increase tariffs on Chinese products by an additional 10% starting Tuesday, on top of the 10% tariff implemented last month.
Trump has consistently maintained his stance on imposing tariffs on all goods produced outside the U.S. and confirmed that this position would not change.
Trump firmly stated, “no room left,” effectively closing the door on any potential negotiations.
The news of the tariff enforcement caused a sharp drop in the New York stock market, with Nvidia’s stock plummeting by 8.8%.
The Dow Jones Industrial Average fell by 1.5% to 43,191.24, while the S&P 500 dropped by 1.8% to 5,849.72.
The tech-heavy Nasdaq saw a steep decline, plummeting by 2.6% to 18,350.19.
