U.S. stock markets faced a significant downturn on Monday due to heightened tensions from a trade war triggered by President Trump's recent tariff imposition on Canadian goods. The tariffs included a 25% charge on Canadian imports and a 10% charge on oil, leading Canada to respond with its own tariffs. This resulted in the S&P 500 falling by 1.7%, the Nasdaq by 2.1%, and the Dow Jones decreasing by 557 points. Concurrently, the Canadian dollar dropped to its lowest value against the U.S. dollar in over 20 years, indicating the broader economic effects of these developments.
U.S. stocks dropped sharply due to escalating tensions from the new tariffs imposed by President Trump on Canada, triggering retaliatory measures from the Canadian government.
The S&P 500 fell by 1.7%, while the Nasdaq composite dropped by 2.1%, showcasing the immediate negative impact of the trade conflict.
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