WSJ Minute Briefing
U.S. Stocks Tumble After President Trump Confirms North American Tariffs
Mon, 03 Mar 2025
Trump said 25% import taxes on goods from Canada and Mexico will go into effect on Tuesday. Plus: investors turned to gold, silver and copper amid concerns about unstable markets. And Kroger stock fell after its CEO resigned amid an investigation into his personal conduct. Danny Lewis hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: How are North American tariffs impacting U.S. stocks?
Here's your Closing Bell Brief for Monday, March 3rd. I'm Danny Lewis for The Wall Street Journal. U.S. stocks tumbled after President Trump confirmed that he would impose 25% tariffs on imports from Canada and Mexico. The Dow Jones Industrial Average fell 650 points to close at 43,191. The S&P 500 lost 105 points, and the Nasdaq gave up 497 points.
Chapter 2: What are the details of the new tariffs on Canada and Mexico?
Chapter 3: How did President Trump's announcement affect investor sentiment?
Chapter 4: What were the closing figures for major U.S. stock indexes?
Here's your Closing Bell Brief for Monday, March 3rd. I'm Danny Lewis for The Wall Street Journal. U.S. stocks tumbled after President Trump confirmed that he would impose 25% tariffs on imports from Canada and Mexico. The Dow Jones Industrial Average fell 650 points to close at 43,191. The S&P 500 lost 105 points, and the Nasdaq gave up 497 points.
The tariffs on Canada and Mexico are slated to start tomorrow. Trump dashed investors' hopes for a last-minute reprieve hours ahead of the deadline, telling reporters that there was, quote, no room left for negotiations.
Trump has said he also plans to increase import taxes on goods from China by another 10 percent, on top of the 10 percent duties he imposed in February and other tariffs already in place. Meanwhile, new data released this morning showed supply costs for U.S. manufacturers jumped last month as Trump's tariff threats raised the specter of higher inflation.
The Institute for Supply Management says the Purchasing Managers Index ticked down more than expected from 50.9 in January to 50.3, but it remained above the 50-point mark, which separates growth from contraction. And investors looking for a haven amid uncertain markets rushed to put money in metals. Gold futures rose 1.9%, silver gained 2.6%, and copper added 1.4%.
Also, shares of supermarket chain Kroger fell 3% after its CEO resigned following a board investigation into his personal conduct. The company said Rodney McMullen's conduct was not related to its business, but was inconsistent with its ethics policy. McMullen couldn't be reached for comment. We'll have a lot more coverage of the day's news on the WSJ's What's News podcast.
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