Market Reacts to White House Tariff Announcement

In a surprising turn of events, the Dow Jones Industrial Average took a significant hit, dropping more than 260 points on Friday. This sharp decline came after the White House firmly denied any plans to delay tariffs on Mexico and Canada, quashing earlier reports that suggested a possible postponement until March 1.

During the daily press briefing, White House Press Secretary Karoline Leavitt clarified the administration's stance. "The President will be implementing tomorrow a 25% tariff on Mexico, a 25% tariff on Canada, and a 10% tariff on China for the illegal fentanyl they have sourced," Leavitt stated, emphasizing the administration's commitment to its tariff policies.

Market Impact

Following these comments, the market reacted swiftly. At 1:38 pm ET, the Dow Jones Industrial Average had plummeted by 0.60%, or 263 points. Meanwhile, the Nasdaq 100 saw a modest increase of 0.53%, and the S&P 500 remained virtually unchanged, highlighting the mixed reactions across different sectors.