US stock market drops on Trump tariff fears

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Daniel Orton is an editor on the live news team at Newsweek, based in London, U.K. He was previously a video news editor at the company between 2017 and 2019, before spending several years as a senior video journalist on the social news team at The Wall Street Journal, where he primarily produced short-form and breaking-news videos for the Journal’s X (Twitter) page, with a focus on business, finance and markets. He also produced longer videos for other platforms on a wide range of subjects, from the U.K. royal family’s finances to the cost of tackling climate change. He has also worked for The London Evening Standard, Fox News and Bauer Media.

Daniel Orton

Editor, Live News

Major U.S. stock indexes fell early Monday amid fears of a trade war triggered by President Donald Trump imposing steep tariffs on Canada, Mexico and China.

Shortly after markets opened, the S&P 500 sank 1.7 percent following similar losses for markets across Asia and Europe. The Dow Jones Industrial Average fell 557 points, and the tech-heavy Nasdaq composite dropped 2.1 percent

Investors reacted negatively to the president’s announcement, concerned about the potential for higher inflation and slower economic growth. The new tariffs are expected to increase costs for businesses and consumers, adding pressure to an economy that is already facing uncertainties.

This is a breaking news story and will be updated.