The stock market got off to a rough start on Tuesday after President Donald Trump made good on his threat to levy tariffs on steel and aluminum imports from any country in the world, escalating a trade war that raises inflation fears.
The Dow was down 110 points, or 0.3% at the open. The S&P 500 fell 0.3%, while the tech-heavy Nasdaq Composite was down 0.5%.
The market’s reaction comes after Trump signed a fresh batch of executive orders late Monday, including a 25% import tax on all steel and aluminum. European Commission President Ursula von der Leyen has pledged to follow with “proportionate countermeasures.” Canada’s Justin Trudeau called the tariffs “entirely unjustifiable.”
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