U.S. stocks sunk Thursday just moments after President Trump announced new, steep tariffs on steel and aluminum to be imposed next week.
The announcement sent the Dow Jones industrial average down as much as 580 points, more than 2 percent, shortly after 2 p.m. The Nasdaq and the Standard & Poore’s 500 index also fell roughly 1.8 percent each.
Trump said Thursday he would announce a 25 percent tariff on imported steel and a 10 percent tariff on aluminum from all countries that send metals to the U.S. The move is expected to lead to retaliation by trade partners.
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Stocks sink moments after Trump announces massive tariffs on steel and aluminum https://t.co/0jFG5YHxuG pic.twitter.com/pCPKsXdeYG
— The Hill (@thehill) March 1, 2018
Thanks a lot, Donnie. I just lost a thousand dollars off my retirement nest egg.
And now the cost of goods, particularly those made from steel and aluminum, will rise.
So much for that tax break.
MAGA!
Pfffft!
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