By STAN CHOE, Associated Press Business Writer
NEW YORK (AP) — The U.S. stock market is sinking further Tuesday after President Donald Trump raised the stakes in his trade war, pulling Wall Street more than 9% below its record set just a month ago.
The S&P 500 was down 1.1% in morning trading after Trump said he would raise tariffs on steel and aluminum coming from Canada, doubling them to 50%. The president said it was in direct response to moves Canada has made after Trump earlier began his trade war with one of the country’s most important business partners.
The Dow Jones Industrial Average was down 517 points, or 1.2%, as of 10:36 a.m. Eastern time, and the Nasdaq composite was 0.9% lower.
AP Business Writers Yuri Kageyama and Matt Ott contributed.
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