The White House on Monday brushed aside the stock market selloff as “animal spirits” and instead pointed to the “more meaningful” activity of businesses and business leaders in the wake of the worst day on Wall Street since President Donald Trump took office.

The White House released two different statements Monday to assuage anxiety as the Dow, NASDAQ, and S&P 500 all experienced sharp declines. The Nasdaq saw its worst day of trading since 2022.

At the heart of the issue is the uncertainty of a trade war with Canada and Mexico that has surfaced with Trump’s tariffs.

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