U.S. stocks dropped on Friday, as the S&P 500 closed out the month with its biggest May slump since 2010, after President Donald Trump’s surprise threat of tariffs on Mexico fueled fears that a trade war on multiple fronts could lead to a recession. Washington will impose a 5% tariff from June 10, which would rise steadily to 25% until illegal immigration across the southern border was stopped, Trump tweeted late on Thursday. Mexican President Andres Manuel Lopez Obrador responded by urging his U.S. counterpart to back down.
