Stocks plunge after Trump's sweeping tariffs

Global stocks plunged successful aboriginal trading connected Monday aft President Donald Trump announced wide-reaching tariffs connected America's largest trading partners. 

The S&P 500 was down astir 1.7 percent successful the hr earlier markets open, and the tech-heavy Nasdaq was astir 2 percent lower. 

Trump announced tariffs of 25 percent connected Canada and Mexico over the weekend, the levies volition beryllium implemented connected Tuesday if nary eleventh hr woody is made. 

Trump besides threatened the EU with akin measures, and said commercialized with the UK is 'out of line' but a woody 'can beryllium worked out.'

The Stoxx Europe 600, representing the biggest companies crossed the continent, was down 1.4 percent successful greeting trading. 

Trump is acceptable to clasp talks with Canadian Prime Minister Justin Trudeau and members of the Mexican enactment connected Monday morning. 

'I don't expect thing precise dramatic,' Trump said of the planned telephone calls. 

'We enactment tariffs on. They beryllium america a batch of money, and I'm definite they're going to pay.' 

Both countries person promised to retaliate with their ain tariffs connected US goods if Trump's measures spell into effect. 

Trudeau pledged 25 percent tariffs connected $106 cardinal worthy of US goods successful a property league connected Saturday. 

Mexican President Claudia Sheinbaum said she volition outline her ain measures connected Monday. 

Trump has besides announced a 10 percent tariff connected China, and the state has vowed 'corresponding countermeasures' but has not released the details. 

Trump said helium whitethorn rise tariffs higher against countries that bring successful retaliatory measures.  

The president has said the tariffs are a mode to unit countries to 'balance retired their trade', arsenic good arsenic forestall amerciable migration and the travel of drugs into the US. 

In bid to get tariffs lifted Trump said affected countries indispensable 'stop radical from pouring into our country. They person to halt radical from pouring successful and we person to halt fentanyl, and that includes China.' 

Economists person warned that a commercialized warfare could propulsion up ostentation and endanger growth, the Wall Street Journal reported.