Dow drops 600 factors as Trump escalates commerce warfare with Canada

U.S. shares caved once more on Tuesday as President Trump escalated his commerce warfare with Canada, with the Dow Jones Industrial Common falling 600 factors and the S&P 500 approached correction territory.

“The market has been down for 3 weeks in a row, largely pushed by uncertainty about the place commerce coverage lands, full cease. We have been inundated with tariff bulletins that, not like the 2018 playbook, are literally being utilized universally versus the surgical method we noticed with time period 1.0,” Artwork Hogan, chief market strategist at B. Riley Wealth, instructed CBS MoneyWatch. “Except and till we all know the place the objective posts truly are on commerce and tariffs, this uncertainty will proceed to weigh on markets.” 

The toughest-hit sectors included vitality, supplies and industrials. All three sectors fell amid information that Mr. Trump was climbing tariffs on imports of metal and aluminum from Canada to 50% in response to the nation’s largest province, Ontario, on Monday saying a 25% surcharge on electrical energy exports to the U.S. 

The president additionally stated he would “considerably enhance” different tariffs on Canada on April 2 if it doesn’t rescind tariffs on U.S. dairy merchandise and different items.

In late morning commerce, the Dow was off 697 factors, or 1.4%, at 41,304. The S&P 500 misplaced 55 factors, or 1%, to five,559.97, and the Nasdaq Composite shed 123 factors, or 0.7%, to 17,322.

—This can be a growing story and will likely be up to date.