Stock market selling picked up on Monday after President Donald Trump confirmed 25% tariffs on imports from Mexico and Canada will go into effect on Tuesday.
The Dow sank 780 points, or 1.8%. The S&P 500 dropped 2%. The Nasdaq Composite fell 2.7%.
Wall Street was hoping the tariffs would be delayed or dialed back.
“What they’ll have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs,” Trump said.