Stocks Tumble As Trump Says 25% Tariffs On Canada, Mexico Will Take Effect Tuesday
Plus: Backlash following Ukraine meeting & Oscars headlines
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🚨 ONE IMPORTANT THING
Trump Says No Last-Minute Deal As Midnight Deadline Approaches For Mexico, Canada Tariffs
President Donald Trump says planned 25% tariffs for Canada and Mexico will go into effect at 12:01 a.m. EST on Tuesday. He added that there was “no room left for Mexico or for Canada” to avoid or negotiate out of the tariffs. As of 4pm ET, Trump has not signaled publicly what the countries can do to avoid the tariffs. The countries’ leaders have yet to respond.
The stock market quickly reacted negatively to the news, with the Dow falling more than 800 points (about 2%) in the hour after the announcement. Stocks are now down for the year in 2025.
HOW WE GOT HERE
Last week, Trump posted on Truth Social that drugs "pouring into our country from Mexico and Canada at very high and unacceptable levels" were the primary reason for the policy. But, it’s more than just that.
On Monday, Trump also claimed that Americans are being taken advantage of by companies manufacturing outside of the U.S.
“They can't come in and steal our money and steal our jobs and take our factories and take our businesses and expect not to be punished, and they're being punished by tariffs,” he said.
It comes after Commerce Secretary Howard Lutnick said Sunday that both countries have "done a reasonable job" securing their borders with the U.S., but that fentanyl deaths in the U.S. continue to be a sticking point.
Mexico agreed to send troops to the border, and Canada appointed a "fentanyl czar" last month when Trump first proposed the tariffs — though many of these measures were already in the works.
WHAT TARIFFS COULD LOOK LIKE
Economists across the political spectrum say tariffs on Canada and Mexico will drive up prices for Americans on key imports. While importers officially pay the tariffs, they typically pass along that cost to consumers, hence concerns about inflation and higher prices.
Those include dairy, lumber, cars, energy, and seafood from Canada; produce, beer, tequila, and electronics from Mexico.
The increases will impact construction costs, grocery bills, fuel prices, and consumer goods across the U.S… so, most aspects of American life.
CHINA TOO
Trump signed an executive order on Monday to raise tariffs on China, which was hit with a 10% tariff last month and that rate will double to 20% on all imports Tuesday.
Americans can see prices go up on electronics, furniture, clothing, and toys from China.
China is also the principal supplier of precursor chemicals for fentanyl, a drug that kills 70,000 people in the U.S. each year.
ANOTHER ART OF THE DEAL MOVE?
The possibility of an 11th-hour deal is not zero — tariffs against the three nations, America's top trading partners, could have massive economic impacts on all sides — but is looking unlikely.
Tariffs are central to Trump's political philosophy, and he campaigned on them. As of 4:30 pm ET Monday, he has not yet officially signed the executive orders for the tariffs.
🚨 ONE THING THAT’S CONTINUED TO DEVELOP
Fallout Of Zelensky-Trump White House Blowup Continues
The fallout of the White House shouting match between President Donald Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelensky on Friday continues.
On Monday, Trump criticized new comments Zelensky made about the end of the war being “very, very far away.” Zelensky has said that Russia needs to stop actively bombing Ukrainian civilians, before he will engage in peace talks.
“America will not put up with it for much longer! It is what I was saying, this guy doesn’t want there to be Peace as long as he has America’s backing and, Europe, in the meeting they had with Zelenskyy, stated flatly that they cannot do the job without the U.S.,” he posted.
Trump is meeting today with senior White House officials to plan next steps — including the possibility of halting U.S. military aid — to Ukraine. He said at the press conference Monday that he does not think the minerals deal is dead.
European leaders met with Zelensky on Sunday at an emergency summit to discuss a potential peace plan with Russia. It comes as Democrats are standing by Zelensky while some Republicans are calling for the Ukrainian president to step down.
OVER TO EUROPE
UK Prime Minister Keir Starmer, after welcoming Zelensky over the weekend with a big hug, announced that the UK, along with France and Ukraine, will draft a ceasefire proposal to present to the U.S. He also pledged about $2 billion to supply more arms to defend Ukraine, backed by frozen Russian assets.
He told European allies, Canada, Turkey, and the NATO secretary-general that they are at a "crossroads in history" and urged them to continue supporting Ukraine, warning that the war could reach their own borders.
“Europe must do the heavy lifting,” Starmer said.
On Thursday, leaders will gather again for a European Union summit and will continue discussing boosting defense spending for Ukraine.
Meanwhile, Zelensky condemned Russia’s ongoing missile and drone attacks, stating, "If you want talks, don't target people with ballistic missiles." Over the past week, more than 1,050 drones, 1,300 bombs, and 20 missiles have struck Ukraine.
RUSSIA & REPUBLICANS
Russia is applauding the increased tensions between the U.S. and Ukraine. This comes as some Republicans — including House Speaker Mike Johnson and longtime Ukraine supporter Sen. Lindsey Graham (R-SC) — backed Trump’s Oval Office actions and signal the potential need for Zelensky to step down.
Kremlin spokesman Dmitry Peskov said the U.S.'s "rapidly changing" foreign policy configurations "largely coincides with our vision,” while a Russian foreign ministry spokesperson said it was a "miracle of restraint" that Trump and Vance did not physically hit Zelensky during the meeting.
Former Russian President Dmitry Medvedev said “the insolent pig finally got a proper slap down in the Oval Office.”
⏳ SPEED READ
🚨NATION
📌 Hegseth directs DOD civilian workforce to comply with Musk’s DOGE productivity email (FOX)
📌 Andrew Cuomo jumps into New York mayor’s race, attempting political comeback (MO NEWS)
📌 Democrats invite fired federal workers to Trump’s Tuesday primetime Congressional Address (GUARDIAN)
📌 South Carolina governor declares state of emergency as wildfires erupt in Carolinas, Georgia (NBC)
🌎 AROUND THE WORLD
📌 Hegseth suspends offensive cyber operations against Russia (AXIOS)
📌 Israel says it will block Gaza humanitarian aid until Hamas agrees to new conditions (CNN)
📌 A driver rams a car into crowd in Germany, leaving 1 dead and others injured (AP)
📱BUSINESS, SCIENCE & TECH
📌 RFK Jr. urges Americans to get measles vaccine amid deadly Texas outbreak (MO NEWS)
📌 Bitcoin tumbles 9% after rallying following Trump’s crypto reserve announcement (CNBC)
📌 'We're on the moon': The private Blue Ghost spacecraft makes a historic lunar landing (NPR)
📌 Driverless race car sets a new autonomous speed record (VERGE)
🎬 SPORTS & ENTERTAINMENT
📌 Oscars 2025 Winners: ‘Anora’ Leads With 5 Wins Followed by ‘The Brutalist’ With 3 (VARIETY)
📌 Adrien Brody sets world record for longest acceptance speech in Oscars history (HOLLYWOOD REPORTER)
📌 Kieran Culkin says wife owes him a 4th kid for winning an Oscar (ABC)
📌 Gene Hackman, Betsy Arakawa’s bodies test negative for carbon monoxide; Hackman’s pacemaker stopped on Feb. 17 (VARIETY)
ICYMI FROM THE 📲
In case you missed it… Twenty-two years after their iconic Academy Award moment — when Adrien Brody kissed Halle Berry as he accepted his first Oscar for “The Pianist” — Berry tried to recreate the moment at last night’s Oscars… albeit a bit awkwardly.
Berry turned to Brody’s girlfriend, Georgina Chapman, and said, "Sorry, Georgina, but I gotta do it."