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Dow plummets after Trump announces tariffs
The Dow dropped more than 500 points after President Trump said his administration will impose tariffs on steel and aluminum imports. The Nasdaq and the S&P 500 declined about 1.5% apiece. Trump's controversial tariff announcement immediately raised concerns about retaliation from China or other major U.S. trading partners. Trump said his administration would impose a 25% tariff on steel imports and a 10% tariff on aluminum. It was not immediately clear whether Trump would exempt some countries from the tariffs, as his national security advisers have urged him to do to avoid hurting U.S. allies.