U.S. stocks plummeted Monday afternoon after President Donald Trump confirmed that blanket tariffs on Canada and Mexico would begin Tuesday.
The Dow Jones Industrial Average was down nearly 800 points, or close to 2 percent, after the president made those remarks from the White House. The S&P 500 also fell 1.5 percent, while the tech-heavy Nasdaq was lower by more than 2.5 percent.
“Very importantly, tomorrow, tariffs 25 percent on Canada and 25 percent on Mexico and that’ll start,” Trump said during a Monday event about investment in U.S. chipmaking capacity.
That dashed investor hopes that the administration would announce a last-minute deal to again delay those tariffs, which are expected to wreak havoc on trade between the U.S. and its immediate neighbors.
This is a developing story and will be updated as more information becomes available.