Global stocks swoon as Trump tariffs hit markets | Business and Economy News [Video]

United States stocks are at their lowest level since President Donald Trump was sworn in two weeks ago, and other global financial markets slumped after he ordered tariffs on Canada, Mexico and China while world leaders responded to his threats to expand tariffs to the European Union as well.

The benchmark S&P 500 on Monday fell 1.7 percent at the opening bell on the heels of the year’s biggest daily losses on a string of Asian and European bourses over fears of an economically damaging trade war.

Trump said his tariffs on the three largest US trading partners, which were to take effect on Tuesday, might cause Americans some short-term pain but, “long term, the US has been ripped off by virtually every country in the world.”

Later on Monday, Trump said he will pause new tariffs on Mexico for one month after Mexico agreed to reinforce its border with the US …