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Dow plunges 420 points after Trump says tariffs are coming next week — with automakers and manufacturers getting hit the hardest
President Trump announced Thursday he would place new taxes on imported steel and aluminium.
The Dow Jones industrial average plunged 420 points Thursday following an announcement by President Donald Trump that he would place new taxes on imported steel and aluminum. The index was down 589 points at its worst levels of the day.
The S&P 500 closed down 1.32%, making for the first time January 2016 that it fell more than 1% in three consecutive sessions. The Nasdaq 100 finished down 1.51%.
US Steel was one of the few stocks to stay in the green, gaining 5.75% on the news that foreign steel would be subject to a 25% import tax. Aluminum will be taxed at a 10% rate.
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Markets tanked as investors digested what the new taxes might mean for the economy — and the tariffs could have devastating consequences.
Oil continued its slide from earlier in the week, down just over 1% to $60.91 a barrel. The 10-year yield slid six basis points to 2.80%, its lowest since February 9.
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