FX.co ★ US Stocks Slide on New Tariffs and Trade Deadline Shift

On Monday, U.S. stock markets experienced a significant downturn as President Trump intensified trade tensions by introducing a series of new tariffs, with their enforcement postponed until August 1. The S&P 500 and Nasdaq both decreased by 0.8%, retreating from the record highs achieved the previous week, while the Dow Jones plunged by 422 points. Trump shared on social media his decision to impose 25% tariffs on imports from Japan and South Korea and extend levies of up to 40% on products from countries such as Malaysia, Myanmar, and South Africa. Additionally, he cautioned about an extra 10% tariff for nations supporting the "Anti-American policies of BRICS" amidst the bloc's summit in Brazil. Treasury Secretary Scott Bessent indicated that further trade announcements are anticipated within the next 48 hours. Shares of companies sensitive to trade dynamics, including Toyota (-3.9%), Honda (-3.8%), Apple (-1.7%), and AMD (-2.2%), saw declines, and Tesla dropped by 6.8% following backlash from investors regarding Elon Musk's unveiling of a new political party.