Trump Tariffs Rattle Markets, Media Stocks Dragged Lower
variety.comTodd Spangler NY Digital Editor President Trump’s imposition of new U.S. tariffs on imports from China, Mexico and Canada drove down stocks across the board Monday, with shares of media companies falling as investors grappled with America’s new trade wars.
On Saturday, Trump signed executive orders subjecting goods imported from Canada and Mexico with 25% tariffs (with the exception of Canadian energy products, which have a 10% tariff) as well as a 10% tariff on Chinese imports.
In early trading Monday, major U.S. market indexes dropped on Trump’s actions, which promise to drive up the price of goods for U.S.
consumers and businesses in multiple sectors. The Dow Jones Industrial Average was -1.1%, the S&P 500 fell -1.41% and the tech-focused Nasdaq Composite dropped -1.64%.
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