Market Turmoil: Trump's Tariffs Roil S&P 500

The S&P 500 index declined over 10% following President Trump's announcement of new tariffs on Canada. This added to fears of an economic slowdown, triggering a selloff that wiped out $4 trillion. Key stocks fell, contributing to declines in major indexes like the Dow and Nasdaq.

The S&P 500 index experienced a significant drop, declining by more than 10% on Tuesday after U.S. President Donald Trump announced new tariffs on Canada. This move exacerbated investor concerns about potential economic slowdown due to Trump's trade policies.

The benchmark index's decline followed a previous selloff that already erased $4 trillion from its peak last month. Trump doubled the tariffs on steel and aluminum imports from Canada in response to Ontario's tariffs on U.S. electricity.

Major technology stocks such as Nvidia, Apple, and Microsoft saw further declines, contributing to downturns in other major indexes, including a 683.96-point drop in the Dow Jones Industrial Average and a 195.91-point fall in the Nasdaq Composite.

(With inputs from agencies.)