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Wall Street Stays Resilient as Nasdaq Hits Record Amid Tariff Turbulence

  Markets defy trade jitters with mixed performance Wall Street wrapped up the week with a show of resilience, as the Nasdaq Composite edged to a fresh record close , buoyed by strong tech earnings and steady economic data. The S&P 500 posted a modest weekly gain , while the Dow Jones Industrial Average slipped 0.3% , reflecting investor caution amid escalating tariff tensions. Despite President Trump’s push for 15% to 20% blanket tariffs on European Union imports , markets largely shrugged off the geopolitical noise. Economic indicators, including a sharp drop in inflation expectations from the University of Michigan’s consumer sentiment survey, helped soothe investor nerves. Netflix’s earnings beat failed to impress, dragging its stock lower, while American Express posted strong results , signaling continued spending strength among affluent consumers. Meanwhile, CRISPR Therapeutics surged 17% after a major insider stock purchase, and Bitcoin briefly topped $118,000 befor...
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Trump Proposes New Agency to Collect Foreign Revenue

 


In a recent announcement, President-elect Donald Trump revealed plans to establish a new government agency called the External Revenue Service. This agency aims to collect tariffs, duties, and other revenues from foreign sources. Trump stated that this move is intended to shift the tax burden away from American citizens and onto foreign entities that benefit from trade with the United States.

The announcement has sparked significant debate. Supporters argue that it will ensure foreign companies pay their fair share, while critics warn that it could lead to increased costs for American consumers and potential retaliation from trade partners. The specifics of how this new agency will operate remain unclear, and it is uncertain whether it will replace existing functions performed by agencies like U.S. Customs and Border Protection.

Trump's proposal has also drawn criticism from some lawmakers, who view it as a rebranding effort that could result in a multi-trillion-dollar tax hike on American families and small businesses. As the inauguration approaches, the details and potential impacts of this new agency will be closely watched.


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