Stocks slip after Trump’s new tariffs, Bitcoin hits record, Ford recall: Live Updates

A trader works on the floor of the New York Stock Exchange in New York City. (Reuters)

Stocks are lower on Friday as investors watch the latest trade developments.

The Dow Jones Industrial Average fell 300 points, or 0.6%, while the S&P 500 and Nasdaq Composite were down 0.5% and 0.4%, respectively.

President Donald Trump announced the U.S. will impose an additional tariff of 35% on Canadian goods on Aug. 1, after accusing the U.S. neighbor to the north of failing to stop the flow of fentanyl into the country and instead retaliating with its own tariffs.

"As you will recall, the United States imposed Tariffs on Canada to deal with our Nation’s Fentanyl crisis, which is caused, in part, by Canada’s failure to stop the drugs from pouring into our Country," Trump wrote in a letter addressed to Canadian Prime Minister Mark Carney. "Instead of working with the United States, Canada retaliated with its own tariffs. Starting August 1, 2025, we will charge Canada a Tariff of 35% on Canadian products sent into the United States, separate from all Sectoral Tariffs."

Any goods shipped in a way that evades the 35% tariff, Trump said, will be subject to the higher tariff.