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March 2, 2018

Stocks dive after Trump promises tariffs

By STAN CHOE
AP Business Writer

NEW YORK — U.S. stocks dove in another dizzying day of trading after President Donald Trump promised stiff tariffs on imported steel and aluminum. The move raised the threat of escalating retaliation by other countries and higher inflation. The Standard & Poor's 500 index erased nearly all of its gains for the year.

Indexes had been bouncing between modest gains and losses earlier in the day, until Trump told industry executives around midday that they'll “have protection for the first time in a long while” and that he's planning to impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports next week.


 
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