The Dow Industrial Average and S&P 500 ended another day in the red as President Donald Trump defended his new tariff policy.
The Dow Jones Industrial Average fell 349.26 points, while the S&P dropped 11.83 points.
The Nasdaq finished an up-and-down day in positive territory — 15.48 points.
The sell-offs on the Dow and S&P follow a tumultuous week in which all three major indexes saw sharp declines in response to President Trump's 10% tariff on all U.S. imports — which went into effect Saturday.
Additional duties, meanwhile, are set to go into effect Wednesday on countries the White House describes as the "worst offenders." In response, countries like China and Canada have responded with their own retaliatory tariffs on U.S. exports.
President Trump on Monday warned China that if it puts retaliatory tariffs on U.S. imports, he would impose an additional 50% tariff on Chinese goods.
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The White House says the tariffs will raise hundreds of billions of dollars and spark more companies to produce their goods domestically.
"No other president would be willing to do what I am doing or to even go through it," President Trump said. "Now, I don't mind going through it because I see a beautiful picture at the end."
However, many economists say consumers will pay the price — including economics professor Keith Maskus.
"In the end, it is pretty much always the domestic consumers that pay almost the full share these tariffs. And again, it's just the way tariffs work," Maskus said
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