By Keith Bradsher, Ana Swanson and Matthew Mpoke Bigg
Stock markets opened lower on Tuesday, reflecting mounting investor concerns about the global economy, after President Trump imposed tariffs on Canada, Mexico and China, and Beijing and Ottawa announced swift retaliation. The escalating trade war added to global uncertainty that was compounded by the Trump administration’s decision to suspend military aid to Ukraine.
The S&P 500 fell 0.7 percent at the start of trading, adding to a 1.8 percent loss on Monday that was its sharpest decline this year. European stock markets also fell in trading on Tuesday.
The Trump administration’s new tariffs — 10 percent on imports from China and 25 percent on most imports from Canada and Mexico — may encourage some companies to set up factories in the United States, but they could also strain supply chains, add costs for American consumers and manufacturers, and test diplomatic ties.
China and Canada imposed tariffs on U.S. goods, while President Claudia Sheinbaum of Mexico said Tuesday that her country would announce its countermeasures, including retaliatory tariffs, on Sunday.
China’s finance ministry announced 15 percent tariffs on imports of chicken, wheat, corn and cotton from the United States, as well as 10 percent tariffs on imports of sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products.
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