WASHINGTON — Stocks plunged Friday after President Trump floated a 35% tariff on Canadian goods not governed by the USMCA trade pact — while threatening a new dictated levy on the European Union.
The Dow Jones Industrial Average fell 279 points, or about .63% — with narrower losses by the S&P 500, which had notched a record high Thursday, and the Nasdaq composite.
The slouch was slight compared to the market reaction to Trump’s initial “Liberation Day” announcement of “reciprocal” tariffs on April 2.
Most trade with Canada, America’s second-largest trading partner behind Mexico, is governed by the deal that Trump brokered in his first term, but the remaining items would be hit with the 35% rate, Trump wrote on social media Thursday.
President Trump floated 35% tariffs on Canada and said a new letter is coming for the EU. Michael Brochstein/ZUMA / SplashNews.com
“Instead of working with the United