May 31 (UPI) -- The Dow Jones Industrial Average fell more than 250 points Thursday after President Donald Trump announced new tariffs on steel and aluminum imports.
The index closed down 251.94 points or 1.02 percent following the tariff announcement.
The S&P 500 declined 0.7 percent while the Nasdaq composite dropped 0.3 percent.
A total of 29 out of 30 stocks on the Dow Jones fell, with Caterpillar representing the largest drop, losing 2.7 percent.
Conversely, steel and aluminum stocks increased following the announcement, with steel tubing manufacturer Webco experiencing the largest growth at 6 percent.
On Thursday, Trump announced a 25 percent tariff on imported steel and 10 percent on imported aluminum will go into effect at midnight for the European Union, Canada and Mexico.
Mexico responded it would levy penalties on a list of U.S. goods and European Commission President Jean-Claude Juncker said the EU would do the same.
Canadian Prime Minister Justin Trudeau said Canada would impose its own steel and aluminum tariffs against the United States.
The Dow Jones dropped 391.64 points on Tuesday after the White House said it would follow through on plans to impose tariffs on $50 billion worth of Chinese goods and amid concerns about political turmoil in Italy.