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NEW YORK (Reuters) - U.S. stocks dropped on Friday, putting the S&P 500 on track for its first monthly drop of the year after President Donald Trump’s surprise threat of tariffs on Mexico fueled fears increasing trade wars could lead to a recession.
Washington will impose a 5% tariff from June 10, which would then rise steadily to 25% until illegal immigration across the southern border was stopped, Trump tweeted late on Thursday.
“Mexico would probably like to work something out but I don’t think they even know what to work out,” said Tim Ghriskey, Chief Investment Strategist at Inverness Counsel in New York.
“It’s impossible to handicap Trump because something can come out of left field like this and something can go away just as quickly.”
The Dow Jones Industrial Average fell 315.97 points, or 1.26%, to 24,853.91, the S&P 500 lost 33.82 points, or 1.21%, to 2,755.04 and the Nasdaq Composite dropped 97.59 points, or 1.29%, to 7,470.12.
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COMMENTS VIA TWITTER
Anyone wanna lay odds on a surprise Ted Cruz primary? I wonder if the Mexico tariff threat that could ruin Texas'… https://t.co/88GEXllUUa
RT @Dori_TalkNation: "Trump has agreed to end his tariff threat to Mexico based on an agreement Mexico made with the US in March, 2019." No…
"Trump has agreed to end his tariff threat to Mexico based on an agreement Mexico made with the US in March, 2019."… https://t.co/53memenS3A
No surprise: the Democrats’ national media bashes the President claiming Mexico was already working to stem the tid… https://t.co/Xw4jKf2roW
RT @LEinMOTION: New York Times: Mexico, US agreed on border policies months before Trump tariff threat. 👉🏾It’s no surprise Trump lied about…