Wall Street tumbles 1.5% as trade wars erupt

US stock indices dropped on Tuesday as the trade wars between the US and other countries escalated.

US President Trump imposed 25% tariffs on Canada and Mexico, and an additional 10% tax on Chinese imports.

China retaliated with 15% tariffs on some US products, while Canada also imposed 25% tariffs on a variety of US imports.

On trading, Dow Jones fell 1.4% as of 15:34 GMT, or 592 points to 42,600 points, while S&P 500 shed 1.4%, or 83 points to 5765 points, as NASDAQ gave up 243 points to 18,106 points.