Wall Street stocks fell and the dollar rose on Friday after President Donald Trump announced tariffs on Canada, Mexico and China, capping a volatile week for markets.
The United States will impose 25% tariffs on Canada and Mexico, as well as 10% on China, White House spokeswoman Caroline Leavitt said on Friday, but she declined to say whether there would be exceptions. Reuters previously cited sources as saying Trump would delay the tariffs until March 1 and offer a limited process for exempting certain imports.
Wall Street stocks turned bearish on Friday to end in negative territory. The Dow Jones Industrial Average (. DJI) opened a new tab down 0.75%, the S&P 500 (. SPX) opened a new tab lost 0.5%, and the tech-heavy Nasdaq (. NDX) opened a new tab down 0.3%.
“As with Monday’s AI news, it remains to be seen how markets will absorb this development on a long-term basis,” Daniel Skelly, head of Morgan Stanley’s wealth management market research and strategy team, said in an email. “This week has been a reminder of how unexpected events can quickly change market perceptions.”
The Nasdaq lost 2.9% on Monday as the growing popularity of China’s low-cost artificial intelligence model DeepSeek shook investors’ confidence in U.S. technology stocks and sent chipmaker Nvidia (NVDA.O), opens a new tab, plunging 17%. But earnings reports and forecasts this week from Meta (META.O), opens a new tab, and Tesla (TSLA.O), opens a new tab helped sentiment recover somewhat.