President Donald Trump’s focus on purchasing Greenland and his threats of imposing tariffs to eight European countries prompted deep losses in the stock market Tuesday, according to CNBC.
The Dow Jones Industrial Average dropped 840 points, or about 1.7%, the S&P 500 slid 2.1% and the Nasdaq Composite fell 2.4%.
In addition, U.S. Treasury yields spiked and the U.S. dollar declined.
Trump has threatened eight NATO countries with 10% tariffs on Feb. 1 if he is not allowed to purchase Greenland, a territory of Denmark. Tariffs would rise to 25% on June 1, and Trump recently said he would impose a 200% tariff on French wine and champagne.
