Stocks surrendered early gains and closed lower after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners.

U.S. stocks fall on Friday after the White House says Canada, Mexico and China tariffs will start Saturday. Still, major indexes finish January ahead.

Meta Platforms, Tesla and most other U.S. stocks are rising Thursday following a rush of profit reports from some of the country’s most influential companies.

Asia markets are mostly higher on Friday following gains on Wall Street driven by Tesla, IBM and Meta Platforms after strong profit reports. U.S. futures and oil prices rose. Japan's core inflation rate,

The S&P 500 and Dow were slightly lower on Friday, with indexes losing ground in afternoon trading after the White House said U.S. President Donald Trump will implement on Saturday tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods with immediate effect.

U.S. stocks are slipping Wednesday after the Federal Reserve opted not to cut interest rates for the first time since it began trying to help the economy through easier rates in September. The S&P 500 was down 0.