Stocks on Wall Street have been experiencing a decline as tariffs imposed by President Donald Trump on major trading partners take effect. This situation has raised concerns among investors, leading to notable drops in major indices.

The S&P 500 dropped by 0.7%, while the Nasdaq fell by 0.6%. The Dow Jones Industrial Average saw a significant decrease of 423 points, or 1%. These declines are amid rising concerns over escalating trade tensions involving the U.S., China, Canada, and Mexico.

Retail giants such as Target and Best Buy reported declines in their stock prices, indicating that consumers would face higher prices due to the tariffs. The ongoing trade war is contributing to a broader downturn in U.S. equities, further intensified by recent signs of economic weakness. Additionally, European markets experienced sharp declines, while Asian stocks faced more modest losses.

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