Group 1 - US stocks experienced a decline, with the S&P 500 dropping 0.4% to 6,253.10 after reaching a record high of 6,280.46 [1][4] - President Trump announced a 35% tariff on Canadian imports effective August 1, citing issues related to the fentanyl crisis and drug imports [2][6] - The potential for tariffs on other nations could increase from 10% to as high as 20%, causing market jitters and concerns about inflation [3][5] Group 2 - Canada is the largest trading partner affected by the new tariffs, with trade valued at approximately $762.1 billion in goods in the previous year [6] - The US trade deficit with Canada is projected to be $63.3 billion in 2024, which Trump has labeled a "major threat" [6] - At least 23 countries have been notified of incoming tariff rates, with a 90-day pause for negotiations in place [5]
S&P 500 slips from record high after Trump slaps Canada with 35% tariff
New York Postยท2025-07-11 13:46