Stocks plummeted Tuesday, reversing an earlier attempt to stage a comeback after President Trump said he’s boosting tariffs on Canadian steel and aluminum to 50%.

In addition, Trump threatened to “substantially increase” duties on cars imported into the US from Canada. He said in a post on Truth Social that these tariffs “will, essentially, permanently shut down the automobile manufacturing business in Canada. Those cars can easily be made in the USA!”

The S&P 500 flirted with correction territory, falling about 1.4% to trade at just around 5,530, levels not seen since September. The Dow Jones Industrial Average (^DJI) shed roughly 700 points, or 1.7%, dragged down by shares of Verizon (VZ). The tech-heavy Nasdaq Composite (^IXIC) dropped 1.3%.