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. This downturn came after the White House refuted claims of a delay in implementing tariffs on Mexico and Canada, setting the stage for potential economic repercussions.

White House Press Secretary Karoline Leavitt clarified the administration's stance, stating, "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." This announcement sent ripples through the market, with the Dow Jones Industrial Average falling by 0.60%, or 263 points, shortly after the remarks at 1:38 pm ET.

Market Performance Post-Announcement

Following the White House's statement, the Nasdaq 100 saw a modest increase of 0.53%, while the S&P 500 remained virtually unchanged. Investors and market analysts are closely monitoring the situation, as the new tariffs could have far-reaching effects on international trade and economic relations.