Not even Fox News could put a positive spin on what was happening to the stock market as President Donald Trump unveiled new tariffs on Canada and Mexico on Monday.
Trump praised Taiwan Semiconductor for its promise to invest $100 billion in new manufacturing facilities in the United States over the next four years, noting it will help the company avoid future tariffs.
“If they did them in Taiwan to send them here, they’ll have 25% or 30% or 50% or whatever the number may be someday. It’ll go only up,” Trump said. “But by doing it here, he has no tariffs, so he’s way ahead of the game.”
He called tariffs a “negative incentive” to get companies to invest in the United States.
But Wall Street wasn’t convinced.
As Trump spoke, the Dow Jones Industrial Average tanked ― and viewers could see the number plunging in the bottom right corner of the screen:
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The Dow ultimately finished down nearly 650 points, while the S&P 500 lost more than 100.