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Wall Street stocks extended their declines on Tuesday, as Donald Trump’s latest trade broadside against Canada reignited investor fears over the economic fallout from his protectionist agenda.
The S&P 500 was down 0.6 per cent by midmorning in volatile trading.
Markets had initially steadied at the New York open following the previous day’s rout, but the sell-off resumed after Trump took to social media to announce an additional 25 per cent tariff on steel and aluminium imports from Canada, one of the US’s biggest trading partners.
The Nasdaq Composite was flat, a day after it fell 4 per cent in its worst session in two-and-a-half years. The S&P had tumbled 2.7 per cent on Monday on fears of the economic impact of Trump’s global trade war.
In Europe, the Stoxx Europe 600 was down 1.7 per cent, while Germany’s Dax was 1.1 per cent lower.
“The US economy is turning…