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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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Trump Delays Tariffs on Canada and Other Countries


In a surprising move, U.S. President-elect Donald Trump has decided not to impose his promised tariffs on Canada, Mexico, and China immediately upon taking office. According to multiple reports, Trump will instead direct federal agencies to investigate and address persistent trade deficits and unfair trade practices by other nations.

Trump had previously pledged tariffs of 25% on Canadian goods, 10% on global imports, and 60% on Chinese goods. However, his administration has opted for a more cautious approach, giving Canada and other countries a temporary reprieve. The decision comes as a relief to Canadian officials, who had been preparing for potential retaliatory tariffs.

The memo, which will be issued on Trump's first day in office, will single out China, Canada, and Mexico for scrutiny but will not announce new tariffs. Instead, it will direct agencies to assess trade relationships and compliance with existing agreements, such as the US-Mexico-Canada Agreement (USMCA).

Canadian Finance Minister Dominic LeBlanc has stated that Canada is prepared to impose retaliatory tariffs if the U.S. moves ahead with trade actions in the future. For now, the delay provides a moment of relief for Canadian businesses and officials as they brace for potential future trade challenges.

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