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Dow Falls 550 Points After Trump Announces Tariffs

The Dow Jones Industrial Average fell 550 points on Thursday after President Trump announced that the U.S. will impose tariffs on steel and aluminum imports starting next week. According to the president, the tariffs will be 25 percent for steel and 10 percent for aluminum. It is unknown if the tariffs will apply to all imports or metals from specific countries. The announcement gave steel and aluminum stocks a boost, but prompted concerns from others who say the move may “spark retaliation by trading partners.” Trump tweeted Thursday morning that the steel and aluminum industries have been “decimated by decades of unfair trade and bad policy with countries from around the world,” and that he wanted “free, fair and SMART TRADE!”