Wall Street Closes Down Following Trump's Tariff Increase on China
Major U.S. stock indices decline after the U.S. president announces comprehensive tariff hikes in response to China's retaliatory actions.
On Tuesday, October 3, 2023, Wall Street experienced a downturn with all major stock indices closing in negative territory.
The decline was spurred by President Donald Trump's announcement to increase tariffs on goods imported from China by a staggering 104%, effective at midnight, following China's retaliatory tariff measures against the U.S.
At the end of trading on the New York Stock Exchange, the Dow Jones Industrial Average fell by 0.84%, settling at 37,645 points.
The S&P 500 index reported a decline of 1.57%, closing at 4,982 points.
The Nasdaq Composite, primarily composed of technology stocks, suffered the most significant losses, decreasing by 2.15% to finish at 15,267 points.
Earlier in the trading session, Wall Street began with a positive outlook, buoyed by discussions of potential agreements among U.S. partners and President Trump.
The White House disclosed that approximately 70 countries had reached out to negotiate the removal of tariffs imposed.
However, the optimism was short-lived as deteriorating market conditions took hold, leading to the eventual negative close for the day.
The decline was spurred by President Donald Trump's announcement to increase tariffs on goods imported from China by a staggering 104%, effective at midnight, following China's retaliatory tariff measures against the U.S.
At the end of trading on the New York Stock Exchange, the Dow Jones Industrial Average fell by 0.84%, settling at 37,645 points.
The S&P 500 index reported a decline of 1.57%, closing at 4,982 points.
The Nasdaq Composite, primarily composed of technology stocks, suffered the most significant losses, decreasing by 2.15% to finish at 15,267 points.
Earlier in the trading session, Wall Street began with a positive outlook, buoyed by discussions of potential agreements among U.S. partners and President Trump.
The White House disclosed that approximately 70 countries had reached out to negotiate the removal of tariffs imposed.
However, the optimism was short-lived as deteriorating market conditions took hold, leading to the eventual negative close for the day.
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