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Stocks sink on Trump tariff announcement

Source: The Hill

U.S stocks sunk Thursday moments after President Trump said he’d would set tariffs on steel and aluminum next week.

Trump’s abrupt announcement sent the Dow Jones industrial average down 330 points (1.3 percent) shortly after 1 p.m. The Nasdaq and S&P 500 also fell roughly 1 percent each.

Trump said he will announce tariffs of 25 percent on imported steel and 10 percent on aluminum from all countries that send their metals to the United States, a decision sure to lead to retaliation by trade partners.

The tariffs are an effort to bolster the U.S. steel and aluminum industries, which Trump pledged to revive on the campaign trail.

Read more: thehill.com/policy/finance/376280-stocks-sink-on-trump-tariff-announcement

Trump just raised taxes on just about everything

A 25% tariff on steel and a 10% tariff on aluminum is effectively a huge tax increase for every single American that buys ANYTHING that has any metal in it.

Dow plummeting on the news.

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