Midday Stock Movers: Tariff Whiplash
1min read The Dow Jones Industrial Average (DJIA), S&P 500, and Nasdaq Composite are falling in midday trading down between 1% and 2% as investors prepare for uncertainty in the tariff battle between the United States, Canada and Mexico.
President Trump issued a statement on the social media platform Truth Social announcing exemptions on tariffs for many of the products the U.S. imports from Mexico. The United States imposed 25% tariffs on those goods two days ago. The President spoke with Mexican President Claudia Sheinbaum earlier today and then posted his decision on social media.
"I did this as an accommodation, and out of respect for, President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of stopping Illegal Aliens from entering the United States and, likewise, stopping Fentanyl. Thank you to President Sheinbaum for your hard work and cooperation!"
The Trump Administration has not said if goods imported from Canada will also be exempted.
U.S. Commerce Secretary Howard Lutnick has implied that the exemption will be applied to goods and services covered under the current trade deal, the United States-Mexico-Canada Agreement (USMCA). Trump said the exemption on goods and services from Mexico would be delayed until April 2.
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