Investors wary of President Trump's plan to add tariffs of 25% on imports from Mexico and Canada, as well as a negative GDP forecast.

The hope on Wall Street is that Trump is using the threat of tariffs as a tool for negotiations and that he’ll ultimately go through with policies that would mean less damage for the global economy and trade. Tariffs could raise prices on everyday items even more for U.S. households, when high inflation has proven to be stubborn to subdue fully.