U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Investing.com -- President Trump has reiterated his intent to impose 25% tariffs on Canada and Mexico. The announcement, which he says will be made for a variety of reasons including the issue of fentanyl, led to a decline in shares of US automakers. General Motors (NYSE:GM) saw its stock fall by as much as 4.1%, while Ford (NYSE:F) experienced a 1.5% slide.
The President made these remarks while speaking to reporters at the White House. He also stated that the first set of tariffs on Canada and Mexico will be coming this Saturday.
In addition, President Trump made a declaration about the country’s lumber supply, stating, "We have all the lumber we need." He also hinted at a potential decision regarding oil, stating that a determination will be made tonight.
The tariffs, if imposed, could have a significant impact on trade between the US, Canada, and Mexico. However, the specifics of the tariff plan, including the goods it will cover and the duration of the tariffs, have not yet been disclosed.
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