The Dow Jones Industrial Average, Nasdaq, and S&P 500 all hit two-week lows of 43,921, 19,196, and 5,932, respectively. High performing companies like Apple and Nvidia slumped, along with American car companies like General Motors and Ford. Investors fled to safer investments like bonds and gold, with the precious metal jumping in value.
Canada has retaliated with 25 percent tariffs of its own on $107 billion on U.S. goods, with tariffs on $20.4 billion worth of goods on Tuesday and the rest following within 21 days. Prices on everything from beer to gas have gone up in the U.S. The Canadian province of Ontario is banning American companies from contracts with the province, including a $68 million contract with Elon Musk’s Starlink company to deliver high-speed internet to remote areas.
This morning’s market plunge comes after stocks took a dive Friday after the Trump administration announced that he would sign an executive order on tariffs the next day, sparking fears among investors. Those fears will not be easily assuaged in the coming days, as the full scale of Trump’s ill-thought economic plans have yet to hit Americans.
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