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Wall Street Stumbles as Trump’s Tariff Threats Rattle Global Markets

U.S. stock markets kicked off the week in the red as renewed trade tensions sparked by former President Donald Trump sent shockwaves through Wall Street. The Dow Jones Industrial Average tumbled over 400 points, while the S&P 500 and Nasdaq Composite dropped 0.8% and 0.9% respectively. The sell-off followed Trump’s announcement of sweeping new tariffs set to take effect on August 1. In a series of public letters posted to social media, Trump warned that countries including Japan, South Korea, South Africa, and Malaysia would face levies ranging from 25% to 40% unless trade agreements are finalized by a self-imposed July 9 deadline. Adding to the market jitters, Trump declared that any nation aligning with the “Anti-American policies of BRICS” would be hit with an additional 10% tariff, escalating tensions with key trading partners like China and India. The tech sector bore the brunt of the downturn, with Tesla shares plunging nearly 7% amid political controversy surrounding CEO Elo...
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Asia Stocks Set to Open Lower Following Declines in European Stocks and Bonds


 According to a Bloomberg report, Asian equities are expected to open lower on Tuesday following declines in European stocks and bonds as European Central Bank officials tampered down rapid rate cut expectations. 

US markets were shut for a holiday Monday. Share futures for Australian and Hong Kong benchmarks slipped, while those for Japanese equities rose. The region-wide Euro Stoxx 50 inched 0.3% lower Monday, partly weighed down by a contraction in German gross domestic product in the fourth quarter, although Europe’s largest economy managed to avoid recession. Elsewhere, oil prices retreated, even as tensions in the Red Sea endured. Houthi militants hit a US-owned commercial vessel with a ballistic missile on Monday, underscoring the risks facing one of the world’s most important trade routes. West Texas Intermediate, the US oil price, fell 0.3%, while Brent, the international benchmark slipped 0.2% Monday.


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