Wall Street Experiences Sharp Declines Following Trump's Tariff Announcement
New York Stock Exchange faces major losses amid global tariff uncertainties.
The New York Stock Exchange opened on Thursday with significant declines.
The Dow Jones Industrial Average dropped nearly 1,200 points, reflecting a loss of 2.75%, in the first trading session following President Donald Trump's announcement of a new global tariff package, which includes a 20% tariff on European Union imports and an additional 34% on Chinese goods.
This move has heightened uncertainty in the markets.
The declines were even more pronounced for the S&P 500, which fell 3.28%, marking its largest drop since September 2022, closing at 5,525 points.
The NASDAQ saw a 3.85% decrease, settling at 18,913 points shortly after the opening bell on Wall Street, mirroring the trends observed in European markets.
At approximately 16:10 local time, the IBEX 35 was down 1.16%, the French CAC 40 was down 3.11%, the Italian FTSE MIB dropped 2.79%, the German DAX fell 2.70%, and the London FTSE 100 declined by 1.60%.
The EURO STOXX 50, which includes the largest European companies, retreated 3.45%.
In Canada, the Toronto Stock Exchange, a leading market for mining stocks, opened with a loss of 666 points, representing a 2.63% decline in response to the tariffs announced by Trump.
XTB, a brokerage firm, reported that the country most adversely affected by the U.S. tariffs may be the United States itself, facing an economic slowdown and decreasing investor confidence that could worsen due to the imposition of tariffs.
This situation might lead to rising inflation, complicating the Federal Reserve’s projections under the leadership of Jerome Powell.
Among the companies most affected are those heavily reliant on the Asian market for product sourcing, such as Apple and several major technology firms.
Nike, which manufactures a significant portion of its footwear in Vietnam—subject to a 46% tariff—also faces substantial impacts.
While consumer goods like automobiles and alcoholic beverages are central to the discussion, the consequences for global logistics and transport companies, including Maersk, highlight the importance of these sectors in the distribution of goods.
Specifically, stock prices of Nike declined by 11.3%, while Apple dropped by 9%.
Other notable decreases included Amazon (-7.7%), Meta (-7.4%), Nvidia (-6%), Tesla (-3.90%), Alphabet (-3.60%), and Stellantis (-3.45%).
Major chains selling imported goods were among the hardest hit, with Five Below suffering a 23% drop, Dollar Tree falling by 9%, and Gap declining by 17%.
Additionally, the U.S. dollar fell over 2%, reaching its lowest level of the year at 0.90 against the euro.
Turbulence in the markets extended to the oil sector, with both Brent crude oil, the European benchmark, and West Texas Intermediate (WTI) facing declines.
Brent crude fell approximately 6% to $70, while WTI plummeted 7.59% to $66.20.
The Dow Jones Industrial Average dropped nearly 1,200 points, reflecting a loss of 2.75%, in the first trading session following President Donald Trump's announcement of a new global tariff package, which includes a 20% tariff on European Union imports and an additional 34% on Chinese goods.
This move has heightened uncertainty in the markets.
The declines were even more pronounced for the S&P 500, which fell 3.28%, marking its largest drop since September 2022, closing at 5,525 points.
The NASDAQ saw a 3.85% decrease, settling at 18,913 points shortly after the opening bell on Wall Street, mirroring the trends observed in European markets.
At approximately 16:10 local time, the IBEX 35 was down 1.16%, the French CAC 40 was down 3.11%, the Italian FTSE MIB dropped 2.79%, the German DAX fell 2.70%, and the London FTSE 100 declined by 1.60%.
The EURO STOXX 50, which includes the largest European companies, retreated 3.45%.
In Canada, the Toronto Stock Exchange, a leading market for mining stocks, opened with a loss of 666 points, representing a 2.63% decline in response to the tariffs announced by Trump.
XTB, a brokerage firm, reported that the country most adversely affected by the U.S. tariffs may be the United States itself, facing an economic slowdown and decreasing investor confidence that could worsen due to the imposition of tariffs.
This situation might lead to rising inflation, complicating the Federal Reserve’s projections under the leadership of Jerome Powell.
Among the companies most affected are those heavily reliant on the Asian market for product sourcing, such as Apple and several major technology firms.
Nike, which manufactures a significant portion of its footwear in Vietnam—subject to a 46% tariff—also faces substantial impacts.
While consumer goods like automobiles and alcoholic beverages are central to the discussion, the consequences for global logistics and transport companies, including Maersk, highlight the importance of these sectors in the distribution of goods.
Specifically, stock prices of Nike declined by 11.3%, while Apple dropped by 9%.
Other notable decreases included Amazon (-7.7%), Meta (-7.4%), Nvidia (-6%), Tesla (-3.90%), Alphabet (-3.60%), and Stellantis (-3.45%).
Major chains selling imported goods were among the hardest hit, with Five Below suffering a 23% drop, Dollar Tree falling by 9%, and Gap declining by 17%.
Additionally, the U.S. dollar fell over 2%, reaching its lowest level of the year at 0.90 against the euro.
Turbulence in the markets extended to the oil sector, with both Brent crude oil, the European benchmark, and West Texas Intermediate (WTI) facing declines.
Brent crude fell approximately 6% to $70, while WTI plummeted 7.59% to $66.20.
Translation:
Translated by AI
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