Stocks finished sharply lower after President Donald Trump said that Mexico and Canada wouldn’t avoid 25% tariffs on imports due to go into effect on Tuesday.
Stocks saw a positive start to the week and month quickly erode Monday morning after a weaker-than-expected reading from the closely followed ISM manufacturing index. Details of the reading showed a large rise in prices paid and a slump in new orders, underscoring fears that tariff fears were having an effect on activity.
Stocks then accelerated the drop, with the Dow down more than 900 points at its session low, after Trump affirmed the tariff plans.
