Stocks are tanking after Trump threatens stiff steel duties
U.S. stocks plunged and Treasuries climbed after Donald Trump promised to impose substantial tariffs on foreign metals, drawing a rebuke from a manufacturing industry group.
The S&P 500 Index fell to session lows after the U.S. president added to earlier confusion on the fate of proposed tariffs by announcing the levies in a meeting with industry executives. The Institute for Supply Management called the proposal a “big mistake.” The Federal Reserve earlier praised the benefits of trade, while the European Union has said it could respond in kind to any new tariffs.
The Dow Jones Industrial Average dropped more than 500 points in mid-afternoon.