The stock market experienced significant declines as President Trump announced upcoming tariffs on imports from Mexico and Canada. The Dow Jones Industrial Average plummeted nearly 650 points, marking the largest loss of the year. This downward trend was driven by widespread fears of stagflation and concerns over weak economic data, which exacerbated market jitters regarding the impending tariffs. Major indices, including the S&P 500 and Nasdaq, also saw substantial losses, as investors reacted to both the tariff announcements and disappointing manufacturing reports. As the markets grappled with these economic uncertainties, tech stocks like Nvidia faced significant sell-offs, further contributing to the overall market slump. The situation remains fluid as investors continue to monitor the effects of these tariffs and adjustments in economic outlook.