Dow drops 500 points after Trump's tariff announcement

The Dow was trading around 500 points lower just hours after President Trump announced new tariffs of 25% for steel and 10% for aluminum. The S&P 500 and the Nasdaq are also trading about 1.5% lower.

Why it matters: Per Axios' Jonathan Swan, "[t]hese tariffs have the potential to roil markets and affect relationships with allies." The only clear winners at the moment are steel stocks, which were trading significantly higher as of 3 pm ET.

Go deeper: Trump declares his trade war.