NEW YORK (AP) — Stocks are falling sharply on Wall Street after President Donald Trump surprised investors with tariffs on Mexican imports.
Carmakers, which could be especially vulnerable to business disruptions from the tariffs, took big losses in early trading Friday.
General Motors sank 3.9% and Ford lost 2.8%.
Kansas City Southern, a railroad operator that has a commercial corridor of the Mexican railroad system, fell 5.9%.
Trump said the tariff will start June 10 and will continue to rise until that country does more to stop migrants from approaching the U.S. border.
The Dow Jones Industrial Average lost 310 points, or 1.2%, to 24,862.
The S&P 500 index fell 36 points, or 1.3%, to 2,752 and the Nasdaq fell 105 points, or 1.4%, to 7,462.
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