Wall Street's rout deepens as President Trump's tariffs go into effect
CBSN
A rout on Wall Street deepened on Tuesday as companies and investors digested the impact of President Donald Trump's decision to impose tariffs on the U.S.'s biggest trading partners, as well as retaliatory tariffs from Canada, China and Mexico.
The S&P 500 shed 101 points, or 1.7%, to 5,748 Tuesday morning, while the tech-heavy Nasdaq composite index tumbled 1.5%. The Dow Jones Industrial Average dropped 1.8%.
Tuesday's declines add to a big sell-off Monday after President Trump said he had decided to move forward with 25% tariffs on nearly all goods imported from Mexico and Canada, and an additional 10% on Chinese imports, with Wall Street concerned that the import duties could threaten U.S. economic growth and reignite inflation.
Washington — President Trump's address to a joint session of Congress was quickly interrupted Tuesday night, as Democratic Rep. Al Green of Texas stood and shouted in protest when Mr. Trump began touting his victory in the 2024 election. Green was quickly escorted from House chamber.
CBS News' Confirmed team is fact checking President Trump's 2025 joint address to Congress Tuesday night, his first speech to both chambers of Congress since he won the presidential election in November. He's expected to speak about his domestic and foreign policy agenda, the economy, his administration's efforts to contain illegal immigration, and his plans for foreign policy, including the Middle East and Ukraine-Russia war.
Washington — Many Democratic women in Congress wore bright pink for President Trump's address to a joint session of Congress on Tuesday in a display of defiance against the president.
Counselor to the president Alina Habba on Tuesday said veterans who were let go from their federal jobs "perhaps" are "not fit to have a job at this moment or are not willing to come to work."
The top communications official under Health and Human Services Secretary Robert F. Kennedy Jr. abruptly resigned last week, just two weeks after being sworn in to be the department's assistant secretary for public affairs.
The U.S. Embassy in Somalia issued a warning to Americans on Tuesday saying there is "credible information related to potential imminent attacks" around the East African nation.
Washington — The Office of Personnel Management issued revised guidance to federal agencies Tuesday regarding the firing of probationary workers amid President Trump's efforts to shrink the size of the government, informing department leaders that they do not have to take any "specific performance-based actions" regarding those employees.
The Hong Kong-based conglomerate that operates ports near the Panama Canal has agreed to sell shares of its units that operate the ports to a consortium including BlackRock Inc., after President Donald Trump alleged Chinese interference with the operations of the critical shipping lane.
A divided Supreme Court on Tuesday made it harder for environmental regulators to limit water pollution, ruling for San Francisco in a case about the discharge of raw sewage that sometimes occurs during heavy rains.
When Melonie Ambler prepares to treat a patient, her medical toolkit includes something unexpected: A cello.
President Trump's speech to a joint session of Congress is taking place Tuesday night and guests invited by first lady Melania Trump will be in attendance. Melania Trump has invited "everyday Americans" to the address, according to the White House, including an American who was recently released from a Russian prison and the family of one of Mr. Trump's supporters who was killed in an assassination attempt on the president.
When a South Carolina man who killed his ex-girlfriend's parents with a baseball bat steps into the death row chamber Friday night, it won't be lethal injection or electrocution that ends his life.