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Wall Street opens lower after Trump's announcement of new tariffs on Canada

In early trading, the Dow Jones retreated 0.54%, the tech-heavy Nasdaq 0.33% and the broader S&P 500 index lost 0.44%.

A trader, working at the New York Stock Exchange.

A trader, working at the New York Stock Exchange.AFP.

Williams Perdomo
Published by
Williams Perdomo

The New York Stock Exchange opened lower Friday, impacted again by uncertainty over U.S. trade policy after President Donald Trump announced new tariffs on Canada.

In early trading, the Dow Jones dropped 0.54%, the tech-heavy Nasdaq 0.33% and the broader S&P 500 index was losing 0.44%.

President Donald Trump announced Thursday that he will impose tariffs of 35%on all products from Canada starting in August.

The Republican leader posted on his Truth Social account a letter he sent to Canadian Prime Minister Mark Carney,explaining the details about the upcoming tariffs against the neighboring country.

The letter is one more among several he has published throughout this week, addressed to more than a dozen countries and in which he promises to impose tariffs on their imports starting Aug. 1.

In that regard, the Republican president said the Canadian government has not done enough to stop the flow of fentanyl into the U.S..

"If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter. These Tariffs may be modified, upward or downward, depending on our relationship with your Country", Trump wrote in the letter.

Division over tariffs

While many Republican Party leaders have expressed their full support for Trump on the issue of tariffs, the truth is that there have also been others who have expressed their opposition to such a measure, arguing that it would not only be detrimental to numerous partner countries, but also to the United States itself by ending up making several regular consumer products more expensive.

One such figure was SpaceX founder Elon Musk, who, despite having been part of the Trump Administration as the head of the Department of Government Efficiency (DOGE), recently left the post due to several disagreements with the conservative leader. While the most notorious was the 'Big Beautiful Bill', the issue of tariffs would also have been one of the most salient.

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