Stock market slides after Canada, Mexico tariffs ignite trade war
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Stock market slides on trade war jitters. Eyes turn to Trump's address to Congress
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Mar 4, 2025 / 10:35 a.m. ET / 4:40 p.m. ET

Updated on Mar 4, 2025

U.S. stocks closed sharply lower after President Donald Trump's  and an additional 10% tax on Chinese goods, bringing the total tariff to 20%, went into effect and spurred .

China levied tariffs of up to 15% on some U.S. products, and Canadian Prime Minister Justin Trudeau said his country would also put a 25% levy on U.S. goods. Trump responded to Trudeau with a threat of even higher taxes. Mexico said it would announce retaliatory tariffs on Sunday.

Commerce Secretary Howard Lutnick suggested in a CNBC interview Tuesday morning that even more tariffs are coming for Canada.

The auto industry is seen as one of the biggest losers in this trade war with Canada and Mexico. Carmakers in the U.S. rely on those two countries for 80% of the imports of some key auto parts. Shares of GM lost 4.56% and Ford shed 2.88%.

The broad S&P 500 fell 1.22%, or 71.57 points, to 5,778.15, sinking even deeper into the red for the year and now, below its Election Day level when Trump won the presidency again. The blue-chip Dow dropped 1.55%, or 670.25 points, to 42,520.99; and the tech-laden Nasdaq dropped 035%, or 65.03 points, to 18,285.16. The benchmark 10-year yield rose to 4.212% as some investors sought safe returns.

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 Gene Hackman's dog's cause of death released: Reports USA TODAY

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[](https://www.usatoday.com/videos/news/2025/03/10/prince-frederik-luxembourg-dies-rare-genetic-disease/82219564007/)

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