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yesterday

Trump Revives Tariffs, U.S. Stocks Retreat From Record Highs

Reassessment of rate-cut expectations follows announcement of August 1 tariffs on Japan, South Korea, and other trading partners.

A U.S. flag flutters near shipping containers as a ship is unloaded at the Port of Los Angeles, in San Pedro, California, U.S., May 1, 2025. REUTERS/Mike Blake/ File Photo
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Overview

  • President Trump notified Japan, South Korea, and 12 other countries of new 25% U.S. tariffs set to take effect August 1.
  • U.S. stock markets fell 0.8–0.9% on July 7, with the S&P 500 and Nasdaq Composite snapping their midsummer rally.
  • Tesla shares plunged nearly 7% after CEO Elon Musk announced plans to launch a new U.S. political party.
  • Traders scaled back expectations for a July rate cut and trimmed the odds of a September reduction to around 68% on the CME FedWatch tool.
  • The dollar strengthened against major currencies and U.S. Treasury yields climbed as investors balanced revived tariff risks with concerns over a $3 trillion tax-cut and spending bill.