President Donald Trump talked tariffs Monday during a White House press conference, sending the stock market plunging downward in real time with each passing comment.
In a stunning moment captured on the Fox News broadcast Monday afternoon, Trump took questions while a ticker tracking the Dow Jones Industrial average plummeted—showing the stock market’s quick reaction to the president’s confirmation that his long-threatened tariffs on Canada and Mexico (plus an additional 10% tariff on China) would go into effect Tuesday at midnight.
In typical Trump fashion, he used the opportunity to wax lyrical on his administration’s strong economy and penchant for “setting records—but the numbers being broadcast live by the right-wing network told a different story, as the Dow fell more than 20 points in a matter of seconds. In all, the index fell more than 650 points on Monday as fears of Trump’s tariffs reverberated throughout the market.
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“The United States has been taken advantage of for 40 years. The United States has been a laughingstock for years and years,” the president said during the press conference, while doubling down on his proposed tariffs. “They can’t come in and steal our money and our jobs and take our factories and businesses and expect not to be punished.”
“They are being punished by tariffs,” he continued. “It’s a very powerful weapon that politicians haven’t used because they were either dishonest, stupid or paid off in some other form. Now we are using them.”
Trump initially postponed the tariffs on Canada and Mexico in early February to make way for potential negotiations. The president was firm in his deadline, however, and declared Monday that there was “no room left for Mexico or for Canada” to avoid a trade war with the United States.
He also threw in an additional 10% tariff on China on top of the 10% already imposed earlier in his term.
The stock market took a notable hit following Trump’s tariff announcements, with the Dow Jones Industrial Average dropping 649.67 points (1.5%). The Nasdaq Composite also dropped 2.6%, according to CNBC. The S&P 500’s broad index also fell by 1.8%, marking its worst day since December.
“Whether the stock market can survive this change remains to be seen,” Chris Rupkey, chief economist at FWDBONDS, told CNBC. “One way or another, tariffs will be a shock for the economy.”
During the Monday segment of The Story, Fox News anchor Martha MacCullum also pointed out the moment that the Dow began plummeting amid Trump’s tariff talk, telling Shark Tank star Kevin O’Leary: “The market’s freaking out a little bit right now—a lot, I should say!”
“These are volatile times,” O’Leary replied. “But the outcomes are towards getting back more investment into the U.S. and a balance on trade imbalances country by country by country. Each one is unique.”
