In addition to planned 25% levies on Canada and Mexico, the president also said reciprocal tariffs were set to be imposed next — and hinted at new duties for agricultural exports.

Summary

U.S. stocks fell sharply after Trump confirmed 25% tariffs on Canada and Mexico would take effect, with additional tariffs on China and agricultural exports coming soon.

The Dow dropped 800 points, the S&P 500 lost 2.1%, and the Nasdaq fell 3%, partly due to Nvidia’s decline. Economic data showed rising supplier costs, adding to concerns.

The stock sell-off erased early-year gains, and retailers warned of potential business impacts.

Some companies, like Chipotle, plan to absorb higher costs, while others expect price hikes.