Business ReportCLOSING BELL: Markets tumble in wake of new U.S. tariffs SHARE ON: Patrick Grapes, contributor, Thursday, Mar. 1st, 2018Turmoil on the markets today thanks to new tariffs and ongoing worries over inflation.Things on Wall Street took a nosedive in response to U.S. President Donald Trump’s announced tariffs of 25 per on imported steel and 10 per cent on imported aluminum. Canada is the biggest supplier of both products to the country.The Dow Jones ended up losing 420 points to close the day at 24,608.In Toronto the losses weren’t quite as bad, but the TSX did hit a two week low of 15,393, a drop of 48 points. It was dragged down by commodity prices and concern the U.S. Federal Reserve will speed up interest rate increases this year.Toronto-Dominion released its first quarter results today, and continued this bank reporting season’s trend of beating expert expectations. TD posted a profit of $2.35 billion. Canada’s five other biggest banks all posted better-than-predicted first quarter results as well.At presstime oil is down 30 cents to $61.34 U.S. per barrel, gold is down 50 cents to $1317.40 U.S. an ounce, and the loonie is up slightly to 77.95 cents U.S.