Dow plunges after Trump says tariffs are coming next week

The Dow Jones industrial average plunged to session lows Thursday afternoon following an announcement by President Donald Trump that he would place new taxes on imported steel and aluminum. The Dow is now down 356 points, or 1.42%.

US Steel rose more than 9% on the news that foreign steel would be subject to a 25% import tax. Aluminum will be taxed at a 10% rate. 

"Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world,” Trump tweeted Thursday morning. “We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!"

Losses were widespread with United Technologies (-2.18%), Boeing (-1.62%), Pfizer (-1.4%), and Walmart (-1.3%) posting the biggest declines on the Dow.

Oil also continued its slide from earlier in the week, down just over 1% to $60.91 a barrel.

The S&P 500 was down 1.1% and the Nasdaq 100 were down 1.34% at the time of writing.

RELATED: Images from the NYSE during volatile week of Feb. 5-9

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Images from the New York Stock Exchange during volatile week of Feb. 5-9
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Images from the New York Stock Exchange during volatile week of Feb. 5-9
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A trader looks at a screen that displays the Dow Jones Industrial Average on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A trader works on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A trader reacts as he watches his screens on the floor of the New York Stock Exchange in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A television screen shows the day's losses on the floor of the New York Stock Exchange in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A television screen shows the day's losses on the floor of the New York Stock Exchange in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A trader watches a television on the floor of the New York Stock Exchange in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A trader reacts as he watches screens on the floor of the New York Stock Exchange in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A trader works on the floor following the closing bell as a screen shows the Dow Jones Industrial Average on the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A screen shows CNBC's analysis of the Dow Jones Industrial Average during a sell off on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
A screen displays the Dow Jones Industrial Average following the closing bell on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 5, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
A trader reacts on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
Dow Jones numbers are shown on one of the screens at the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid
A trader reacts on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid
A trader is pictured on the floor of the New York Stock Exchange in New York City, U.S. February 6, 2018. REUTERS/Brendan McDermid
Traders high five at the end of the trading day at the New York Stock Exchange in New York City, U.S. February 6, 2018. REUTERS/Brendan McDermid
A screen displays the Dow Jones Industrial Average after the closing bell on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid
A trader looks at a screen on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 7, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange ahead of the opening bell in New York, U.S., February 7, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 7, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
Huami Corporation CEO, Wang Huang celebrates his company's IPO on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
Huami Corporation CEO, Wang Huang rings a ceremonial bell to celebrate his company's IPO on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 7, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
Traders react on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid
A trader reacts near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange ahead of the opening bell in New York, U.S., February 7, 2018. REUTERS/Brendan Mcdermid
A trader reacts near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid
Traders react near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid
Traders react near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid
Traders work near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid
A screen displays the Dow Jones Industrial Average after the closing bell on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
A trader reacts near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid
A screen shows the Dow results near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid
A trader reacts on the floor of the New York Stock Exchange in New York, U.S., February 9, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange in New York, U.S., February 9, 2018. REUTERS/Brendan Mcdermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 9, 2018. REUTERS/Brendan Mcdermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 9, 2018. REUTERS/Brendan Mcdermid
Traders work on the floor of the New York Stock Exchange in New York, U.S., February 9, 2018. REUTERS/Brendan Mcdermid
A trader works on the floor of the New York Stock Exchange in New York, U.S., February 9, 2018. REUTERS/Brendan Mcdermid
Specialist traders work at a post on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 9, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 9, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 9, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 9, 2018. REUTERS/Brendan McDermid
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