Dow plunges after Trump says tariffs are coming next week
The Dow Jones industrial average plunged to session lows Thursday afternoon following an announcement by President Donald Trump that he would place new taxes on imported steel and aluminum. The Dow Jones industrial average is now down 385 points, or 1.54%.
US Steel rose more than 9% on the news that foreign steel would be subject to a 25% import tax. Aluminum will be taxed at a 10% rate.
"Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world," Trump tweeted Thursday morning. "We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!"
The S&P 500 was down 1.1% and the Nasdaq 100 were down 1.34% at the time of writing.