US stocks plunged sharply on Monday as President Trump renewed trade tensions by announcing a new round of tariffs and extending the deadline to implement them to Aug. 1.
The S&P 500 and Nasdaq each fell 0.8%, off record highs set last week, while the Dow dropped 422 points. Trump posted a letter on social media announcing 25% tariffs on imports from Japan and South Korea, with additional levies of up to 40% targeting goods from countries such as Malaysia, Myanmar and South Africa. He also warned of additional 10% tariffs on countries that align with the "anti-American BRICS policies," as the bloc holds a summit in Brazil.
Treasury Secretary Scott Bessent confirmed more trade announcements are expected within 48 hours. Trade-sensitive companies such as Toyota (-4.1%), Honda (-3.9%), Apple (-1.7%), and AMD (-2.2%) fell, while Tesla plunged 6.4% after Elon Musk's announcement of a new political party sparked a backlash from investors. (alg)
Source: Trading Economics
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