S&P 500 slips from record high after Trump slaps Canada with 35% tariff
On Friday, US stocks saw a decline as the S&P 500 dropped from a record high following President Trump’s decision to impose a 35% tariff on Canada and his threat to increase levies on other nations.
The S&P 500 fell by 0.4% to 6,253.10 after reaching a new high of 6,280.46 on Thursday.
The Dow Jones Industrial Average also experienced a loss of 262 points, equivalent to 0.6%, while the Nasdaq decreased by 0.3% around 9:30 a.m. ET.
President Trump informed Canadian Prime Minister Mark Carney on Thursday about the 35% tariff on Canadian imports starting August 1, attributing it to a national fentanyl crisis and Canada’s failure to curb drug inflow into the US.
If Canada retaliates, the tariff rate could increase further, according to Trump.
Trump also hinted at a possible increase in the across-the-board duty on most nations from 10% to as high as 20%.
He stated, “We’re just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%. We’ll work that out now.”
Trump’s tariff threats caused concerns in the stock market as economists cautioned about the potential impact on inflation.
Canada High record slaps Slips Tariff Trump
