President Trump announced Thursday he would place new taxes on imported steel and aluminium.
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 is now down 356 points, or 1.42%.
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!"
Losses were widespread with United Technologies (-2.18%), Boeing (-1.62%), Pfizer (-1.4%), and Walmart (-1.3%) posting the biggest declines on the Dow.
Oil also continued its slide from earlier in the week, down just over 1% to $60.91 a barrel.
The S&P 500 was down 1.1% and the Nasdaq 100 were down 1.34% at the time of writing.
Finance: Dow plunges after Trump says tariffs are coming next week
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