Dow slides over 500 points as Trump announces fresh tariffs on Japan, South Korea and BRICS countries
United States stock markets tumbled on Monday after President Donald Trump announced new tariffs targeting countries associated with BRICS and formalized a 25% levy on imports from Japan and South Korea.
The announcement fueled investor concerns about escalating trade tensions and their potential impact on the global economy.
At around 12:21 PM ET, the Dow Jones Industrial Average fell by 525 points, or 1.17%, reflecting broad-based losses across major sectors. The Nasdaq 100 also declined by 0.91%, shedding about 207 points, while the S&P 500 lost 0.96% at the same time.
In currency markets, the euro weakened against the dollar amid the market jitters, slipping 0.42% to trade at $1.17248 as of 12:28 PM ET.
The sell-off comes after Trump outlined additional tariffs on BRICS-affiliated nations and formally imposed a blanket 25% tariff on all imports from Japan and South Korea, effective August 1, 2025. The administration framed the move as necessary to address long-standing trade deficits and protect U.S. economic and national security interests.
Investors remain cautious as the tariffs could lead to retaliatory measures and disrupt global supply chains, putting further pressure on equities and currency markets.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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Yahoo
33 minutes ago
- Yahoo
Trump announces 30% tariffs against EU, Mexico to begin Aug. 1, rattling major US trading partners
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Trump in his letter to the European Union said that the U.S. trade deficit was a national security threat. 'We have had years to discuss our Trading Relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent, Trade Deficits, engendered by your Tariff, and Non-Tariff, Policies, and Trade Barriers,' Trump wrote in the letter to the EU. 'Our relationship has been, unfortunately, far from Reciprocal.' The letters come in the midst of an on-and-off Trump threat to impose tariffs on countries and right an imbalance in trade. Trump in April imposed tariffs on dozens of countries, before pausing them for 90 days to negotiate individual deals. As the three-month grace period ended this week, Trump began sending his tariff letters to leaders but again has pushed back the implementation day for what he says will be just a few more weeks. 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Yahoo
35 minutes ago
- Yahoo
6 Ways Your Social Security Benefit Can Be Garnished -- Including 2 Directly Impacted by the Trump Administration
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Business Insider
36 minutes ago
- Business Insider
We asked Warren Buffett gurus whether his exit is what's bringing Berkshire Hathaway's stock down
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In his 2014 shareholder letter, Buffett said that, during his time as CEO, Berkshire stock fell about 50% from its high three times. Smead said the fact that Buffett remained CEO showed investors have an " unusual level of faith" in him. Smead added that there may be a higher risk of shareholder revolt if the same happens to Buffett's successor, Greg Abel. "In Buffett's case, confidence in him causes even the newcomers to stay put" when the stock is floundering, Smead said. "When he's no longer in the office, the people won't have that same backstop." Buffett isn't Berkshire Chris Bloomstran, president of Semper Augustus Investments, told BI, "I don't think a 'Buffett premium' has existed since 1998," when the investor used Berkshire shares trading at nearly three times book value to buy General Reinsurance. Bloomstran said strong underwriting earnings had propelled Berkshire shares to record highs ahead of May's fateful annual shareholder meeting. 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"The magnitude since his retirement does surprise me, though," he said, adding that Buffett turns 95 this year and his departure "should have been priced in." Larry Cunningham, the author of several books about Buffett and Berkshire and the director of the University of Delaware's Weinberg Center, said he didn't attribute the stock's fall to the "evaporation" of a "Buffett premium." "Frankly, I've never seen a responsible valuation analysis that explicitly assigns such a premium to his presence," Cunningham told BI. "So I don't think this move reflects the loss of a rational premium, nor does it represent a justified discounting," he continued. Cunningham agreed with Bloomstran that Buffett's key contribution was building Berkshire Hathaway up, and now that it has matured, it requires his oversight less. "Today, his value is concentrated in rare, opportunistic acquisitions, which have been scarce in recent years," he said. "I don't think you can quantify Warren Buffett's value to Berkshire," Check said. "But part of his genius is he has built the company to do well after he is gone." Abel, who is due to take over as CEO on January 1, has been Berkshire Hathaway's vice chair of non-insurance operations since 2018. "Buffett is irreplaceable," Check said, adding he still expects Berkshire to "do quite well" under Abel.
