Dow, S&P continue losing streak as investors reel from Trump tariffs

The Dow Jones Industrial Average and S&P 500 closed lower again Monday, as President Donald Trump defended his new tariff policy.

The Dow fell 349.26 points, while the S&P 500 dropped 11.83 points.

The Nasdaq, after a volatile session, ended in positive territory — up 15.48 points.

The losses on the Dow and S&P followed a turbulent week in which all three major indexes posted sharp declines in response to Trump’s 10% tariff on all U.S. imports, which took effect Saturday.

Additional tariffs are scheduled to take effect Wednesday on countries the White House has labeled the “worst offenders.” In response, China has announced retaliatory tariffs on U.S. exports.

On Monday, Trump warned that if China follows through with its retaliatory measures, he will 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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