BREAKING: Stock Market Tanks As Trump Confirms Tariffs Are Coming Tomorrow

Get ready for prices to rise fast

In a dramatic turn of events, the stock market has entered a steep decline following President Donald Trump's confirmation that tariffs on Canada and Mexico will take effect tomorrow. The DOW Jones is down more than 700 points in the past hour, and the free fall is growing with each passing minute.

Speaking from the White House, Trump declared that there is nothing either country can do to prevent the imposition of these trade penalties, signaling a major escalation in economic tensions between the United States and its two largest trading partners. Here’s everything you need to know.

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The tariffs in question were initially announced by the Trump Administration a month ago, but they were postponed at the last minute following discussions between Trump and the leaders of Canada and Mexico. That delay provided a temporary sense of relief for businesses and investors who feared the economic fallout from increased trade barriers.

However, today’s confirmation suggests that negotiations between the United States and its two largest trading partners have broken down entirely. Trump’s rhetoric indicated that the administration sees no room for further dialogue. “No room left for Mexico or for Canada. No. The tariffs are all set, they go into effect tomorrow.”

The tariffs are expected to hit multiple industries, including automobile manufacturing, agriculture, and consumer goods. Mexico and Canada are two of the United States’ largest trading partners, and businesses on all sides of the border rely on the free flow of goods under existing trade agreements. The new tariffs could result in significant price hikes for American consumers and retaliation from Canada and Mexico in the form of their own tariffs on U.S. exports.

The decision is also expected to have political consequences, both domestically and internationally. Many U.S. lawmakers, including members of Trump’s own party, have voiced concerns that the tariffs could undermine economic growth and alienate key allies. Mitch McConnell even previously stated that he was “deeply concerned” about the administration’s approach, warning that the tariffs could hurt American businesses and consumers alike.

Meanwhile, trade experts worry that this latest move could complicate future negotiations over international trade agreements. With the tariffs set to take effect tomorrow, all eyes will be on the markets, businesses, and political leaders as they brace for the impact of a new economic reality.

With that, let’s breakdown the goods that will be impacted:

Canada

• Dairy: Tariffs on Canada will impact its dairy industry and will affect the prices of items like milk, cheese, and butter in the U.S.

• Lumber/Building Materials: Canada is one of the largest suppliers of softwood lumber to the United States, and tariffs on Canada will raise the cost of construction and housing. This means it will cost more to do renovations.

• Cars and Car Parts: The U.S. and Canada have extensive trade in automotive goods, and tariffs can impact both finished vehicles and parts.

• Energy/Gas: Canada provides a large amount of oil and natural gas. Tariffs on energy-related products could affect gas prices.

• Fish and Seafood: Tariffs could affect imports of fish and seafood products from Canada, which means that you will pay more at the grocery store.

Mexico

• Produce: Mexico is one of the largest exporters of produce to the United States. That means the cost of fruits, vegetables, and other agricultural products to the U.S. Specifically, get ready to pay more for avocados and tomatoes.

• Cars and Car Parts: Like Canada, Mexico supplies a large amount of vehicles and auto parts to the U.S.

• Beer and Tequila: Mexico imports a lot of beer and tequila. A tariff is akin to a Trump tequila tax.

• Electronics: Mexico manufactures electronics, including televisions and other consumer electronics.

China

• Electronics: A large number of electronics, including smartphones, laptops, and televisions will see their prices raised.

• Furniture: China currently exports a significant amount furniture and furniture parts to the United States.

• Clothing and Textiles: A large portion of the apparel and textile products in the U.S. are imported from China.

• Toys: Tariffs will lead to higher prices for toys in America.

As uncertainty looms, one thing is clear: the global economy is on edge, and the stock market is reflecting that anxiety in real-time.