US Markets Rise as Trump Unveils New Tariffs
(MENAFN) The New York Stock Exchange closed with modest increases on Monday following an announcement by US President Donald Trump about upcoming tariff hikes.
Trump declared a new 30% tariff rate on goods from the EU and Mexico, with an additional threat of a 100% tariff on Russia.
These developments influenced investor sentiment and stirred reactions across international trade circles.
The Dow Jones Industrial Average climbed 0.2%, or 88.14 points, ending the session at 44,459.65. Meanwhile, the Nasdaq increased by 0.27%, adding 54.8 points to reach 20,640.33. The S&P 500 also edged higher, gaining 0.14% or 8.81 points to finish at 6,268.56.
Trump’s tariff declaration came over the weekend, with plans to implement the 30% duties on the EU and Mexico starting August 1.
This move could jeopardize ongoing trade discussions between Washington and Brussels, as the European bloc had been striving to finalize a broad trade pact within the month.
In a post on social media, Trump published a letter addressed to “European Commission President Ursula von der Leyen,” officially notifying her of the tariffs the US intends to impose on European goods.
Responding to this, von der Leyen expressed a willingness to collaborate with the US to forge an agreement by the August deadline.
She also pledged to take “all necessary steps” to protect the EU’s economic interests, including “the adoption of proportionate countermeasures.”
On Monday, EU Trade Commissioner Maros Sefcovic cautioned that the planned 30% levy on European exports would essentially hinder transatlantic trade.
He emphasized that the EU would make full use of the time remaining before August 1 to secure a diplomatic resolution.
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