The U.S. stock market is struggling with soured sentiment over President Donald Trump’s tariffs, with the S&P 500 attempting to rebound from a big slump that left it near correction territory.

Markets are going to go up and they’re going to go down but, you know what, we have to rebuild our country," Trump said Tuesday, addressing the recent stock market woes.

The S&P 500 index fell more than 10% from its record closing peak after U.S. President Donald Trump on Tuesday announced fresh tariffs on Canada, adding to investor unease that his trade policies could trigger an economic slowdown.

Speaking outside the White House on Tuesday, where he was testing out his brand new Tesla car with Elon Musk, President Donald Trump called the stock market “a fake economy” after dragging the S&P 500 into correction territory.

The Nasdaq Composite entered a 10% correction from its February high Monday, with Nvidia and Tesla stocks again headlining losses.

The U.S. stock market is sinking further Tuesday after President Donald Trump raised the stakes in his trade war, pulling Wall Street more than 9% below its record set just a month ago. The S&P 500 was down 0.