At 2:45 p.m. Lisbon time, the Dow Jones index slipped 1.40% to 43,505.64 points, while the technology-heavy Nasdaq declined 2.08% to 20,678.05 points.
The broad S&P 500 index, meanwhile, stood at 6,274.78 points, down 1.02%.
U.S. President Donald Trump increased tariffs on American imports from Canada from 25% to 35%, effective today.
The White House stated that Canada had not done “more to arrest, seize, detain or intercept traffickers, fugitives, and illicit drugs.”
Trump has been critical of Canada for several months, threatening to impose a higher tariff on the country if no agreement was reached by today, a deadline he set for reaching trade deals with dozens of countries.
Canadian Prime Minister Mark Carney remarked that Ottawa would only accept a deal “that was in the best interest of Canadians.”
