01:33 PM EST, 03/04/2025 (MT Newswires) -- Financial stocks were falling in Tuesday afternoon trading, with the NYSE Financial Index dropping 2.4% and the Financial Select Sector SPDR Fund (XLF) slumping 3.1%.

The Philadelphia Housing Index was down 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) shed 0.8%.

Bitcoin (BTC-USD) was declining 0.9% to $85,374, and the yield for 10-year US Treasuries was rising 2 basis points to 4.20%.

In economic news, the Trump administration imposed 25% tariffs on Canada and Mexico while doubling tariffs on goods from China to 20%. Canada is responding with an initial tranche of retaliatory tariffs on $30 billion of US goods and plans to raise the levies to $155 billion of imports. China imposed 10% to 15% levies on US food and agricultural products while placing export and investment restrictions on 25 US companies. Mexico's President Claudia Sheinbaum also said Tuesday that Mexico will impose retaliatory tariffs on US goods.

In corporate news, a consortium comprising BlackRock ( BLK ) and Terminal Investment has agreed to buy all shares in Hutchison Port Holdings and all shares in Hutchison Port Group from CK Hutchison, said Edith Shih, CK Hutchison's executive director and company secretary, in a circular. Under the terms of the deal, the purchase price would be $14.21 billion. BlackRock ( BLK ) shares were down 2%.