Markets slipped Friday as President Trump prepares to implement steep import taxes on top U.S. trading partners Saturday.
The S&P 500 closed 0.5 percent below open, and the Dow Jones Industrial Average slid more than 330 points, or 7.5 percent. The Nasdaq was down nearly 0.3 percent from open.
Stocks shed earlier gains after White House press secretary Karoline Leavitt confirmed Friday that the president would levy tariffs of 25 percent on Mexico and Canada and 10 percent on China.
Leavitt denied a Reuters report that the collection of duties on Mexico and Canada would be delayed until March 1.
“Tomorrow, the President will be implementing a 25 percent tariff on Mexico, a 25 percent tariff on Canada, a 10 percent tariff on China for the illegal fentanyl they have sourced and allowed to distribute into our country that has killed tens of millions of Americans,” Leavitt said.
“These are promises made and kept by the president,” she added.
