Wall Street Struggles Amid Escalating Trade Tariffs

U.S. stocks fell as trade tensions intensified with new tariffs on imports from Canada, Mexico, and China. The Nasdaq Composite dipped into correction territory, sparking fears of slowed economic growth. Significant declines were noted in financial and industrial shares, alongside increased market volatility.

U.S. stocks took a downturn on Tuesday as President Trump's tariff announcements increased trade tensions, particularly affecting Canada, Mexico, and China. As the tariffs took effect, the Nasdaq Composite neared correction territory, signaling a potential looming economic deceleration.

This climate of uncertainty caused major declines in financials and industrials, with Citigroup and JPMorgan Chase & Co experiencing notable drops. Following the escalation, China and Canada retaliated, while Mexican President Claudia Sheinbaum announced plans to respond.

Market volatility increased, posing concerns for Wall Street, especially within sectors dependent on global supply chains. The downturn was amplified by other companies like Ford and General Motors facing declines, while the retail sector saw significant fluctuations due to downbeat forecasts.

(With inputs from agencies.)