Tariff-exposed stocks feel the squeeze as trade war heats up
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Shares of U.S. companies were under pressure after the latest escalation in Washington's trade war, with new tariffs on Canada and Mexico expected to hit earnings in several sectors, including automobiles, aerospace, retail and housing. Economically sensitive stocks such as airlines and banks led declines on Wall Street's main indexes on Tuesday on the new tariffs. Monday, the benchmark S&P 500 suffered its worst day of this year after the U.S. tariffs were confirmed. U.S. President Donald Trump imposed 25% tariffs on imports from Mexico and Canada, effective Tuesday. The action covers more than $900 billion worth of annual U.S. imports from the two countries. Trump also doubled duties on Chinese imports to 20% to punish Beijing over the U.S. fentanyl overdose crisis. The cumulative duty comes on top of up to 25% tariffs imposed during his first term. Canadian Prime Minister Justin Trudeau, speaking just hours after the U.S....