Wall Street Drops as Trump Confirms Tariffs on Key Trading Partners
U.S. markets close lower after White House announces tariffs on imports from Canada, Mexico, and China set to begin Saturday.
- President Trump announced 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China, effective February 1, with no exemptions specified.
- Major U.S. stock indexes, including the S&P 500, Dow Jones, and Nasdaq, closed lower on Friday, marking their first weekly losses in three weeks.
- Investors fear the tariffs could exacerbate inflation, potentially complicating the Federal Reserve's monetary policy decisions in 2025.
- Technology stocks, including Nvidia, faced significant pressure following concerns about AI investments and competition from China's DeepSeek.
- Economic uncertainty drove gold prices to record highs before retreating slightly, reflecting investor caution over the potential impact of the tariffs.
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