Dow slides more than 400 points Monday as new Trump tariffs incite sell-off
Stocks sold off to start the week Monday after President Donald Trump posted letters to countries indicating new tariffs on imported goods.
The Dow Jones Industrial Average tumbled 422.17 points, or 0.94%, and ended at 44,406.36. The S&P 500 fell 0.79% to close at 6,229.98, and the Nasdaq Composite lost 0.92%, settling at 20,412.52. It was the worst day since mid-June for all three of the major averages.
Imports from at least seven countries will face steep tariffs beginning Aug. 1, Trump revealed in a series of Truth Social posts on Monday. Trump shared screenshots of signed form letters to the leaders of South Korea, Japan, Malaysia, Kazakhstan, South Africa, Laos and Myanmar, that dictated new tariff rates for each nation.
The major averages hit their lows of the day in afternoon trading.
White House press secretary Karoline Leavitt said that 14 letters will be sent on Monday, with more to be expected in the following days. She added that Trump will sign an executive order to delay his tariff deadline, previously anticipated to be sometime this week, until Aug. 1.
Source : CNBC
