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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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Republicans Secure House Majority, Completing Sweep into Power

 

In a significant political shift, Republicans have won enough seats to take control of the U.S. House of Representatives, completing their sweep into power alongside President-elect Donald Trump. This victory, marked by a decisive win in Arizona and a crucial seat in California, gives the GOP the 218 seats needed for a majority.

With this new majority, Republican leaders are poised to implement Trump's vision for the country, which includes extensive deportation operations, tax breaks, and a reshaping of the U.S. economy. The GOP's control of both the House and Senate ensures that Congress will support Trump's ambitious agenda, leaving Democrats with limited power to oppose it.

This marks a stark contrast to Trump's first term, where he faced resistance from within his own party and a Supreme Court with a liberal majority. Now, with a Republican-dominated Congress and a conservative Supreme Court, Trump is set to govern with fewer obstacles.

The Republican victory has sparked a sense of urgency among party leaders to swiftly enact their policies, reflecting the transformative impact of Trump's "Make America Great Again" movement on the GOP.

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