Market Reacts to White House Tariff Announcement

The Dow Jones Industrial Average experienced a significant drop, falling more than 260 points on Friday. This sharp decline followed the White House's denial of reports suggesting a delay in implementing tariffs on Mexico and Canada 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.

Following these comments at 1:38 pm ET, the Dow Jones Industrial Average fell by 0.60%, or 263 points. Meanwhile, the Nasdaq 100 saw a slight increase of 0.53%, and the S&P 500 remained virtually unchanged.