Seth Wenig, Associated PressTraders work on the floor at the New York Stock Exchange in New York on Jan. 29, 2025.
The stock market opened Tuesday with losses after President Trump’s steep tariffs on Canadian and Mexican goods went into effect, spurring retaliation from the U.S.’s two top trading partners.
The Dow Jones Industrial Average was down 322 points after the opening bell, losing 0.8 percent at the start of Tuesday trading. The S&P 500 index was down 1 percent and the Nasdaq composite was down 1.2 percent.
Stocked ended Monday with a selloff after Trump told reporters he would go ahead with his twice-delayed 25-percent tariffs on goods from Canada and Mexico. Both countries have pledged to respond with their own import taxes on U.S. goods and other economic penalties that could lead to major price increases for Americans.
Trump has insisted that steep tariffs are essential for rebalancing the trade relationships between the U.S. and its North American partners, and for stopping the flow of fentanyl and migrants across U.S. borders.
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