Dow plummets 420 points after Trump announces steel tariffs

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Stocks plunged Thursday after President Trump announced plans to slap tariffs on steel and aluminum imports.

The Dow=closed more than 420 points down after the announcement. Trump said the tariffs will level the playing field for American companies and help them expand after plant closings in recent years.

Trump made the dramatic announcement after participating in a listening session with 15 representatives from the steel and aluminum industry. Following the comments, the Dow Jones industrial average dropped as much as 500 points Thursday.

"You will have protection for the first time in a long while and you are going to regrow your industries," Trump told the executives. "That's all I'm asking. You have to regrow your industries."