US stock markets drop after Trump announces tariffs on Canada and Mexico [Video]

US STOCKS HAVE fallen to its lowest point since the US election last November, as the US tariffs on Canada, Mexico and China take effect. 

The “post-election bump” of the markets’ gains has been wiped out, with stocks ending at its lowest level since US President Trump was elected. A new trade war between the US and its key trading partners are now been reflected on the stock markets.

Trump imposed 25% tariffs on imports from Mexico and Canada, in addition to doubled levies – from 10% to 20% – imposed on imports from China. Goods worth roughly $2bn cross the borders of the US, Canada and Mexico each day.

The move was followed by retaliatory action from Canada and China, in which they announced retaliatory import taxes on US goods. Mexico’s President Claudia Sheinbaum said the country would announce a response which would include tariff and non-tariff measures.

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