Stocks fell on Wall Street Monday, ahead of President Donald Trump’s latest deadline on tariffs. The S&P 500 was 1% lower in afternoon trading. The Dow Jones Industrial Average was down 402 points, or 0.

A private survey showed American factory activity last month edged closer to stagnation—slowing growth combined with faster inflation—as new orders and employment contracted. A gauge of prices paid for materials jumped to the highest since June 2022. So how should investors react to all this smoke on the horizon?

Tim Miller and Jonathan V. Last talk the stock market tanking in real time as Donald Trump announces tariffs on Mexico and Canada, with both Nasdaq and Dow Jones tumbling significantly by end of day.

Consumers in the US could see price hikes within days, an expert has said, adding "the automobile sector, in particular, is likely to see considerable negative consequences".

Legendary Berkshire Hathaway CEO Warren Buffett likened tariffs to an economic "act of war" in an interview with CBS News and said that tariffs ultimately serve as a tax on goods.

Stocks were falling again Monday on tariff news. Add consumer confidence and jobless claims data into the mix, and it appears volatility will be the norm in the short term.