Wall Street indices fell on Friday after President Donald Trump increased tariffs on Canada, deepening uncertainty over Washington’s trade policy. Trump announced a new 35% tariff on imports from Canada on Thursday, increasing the 25% tariff imposed in March, and hinted at further increases if Canada retaliates.
The President also raised the possibility of increasing the current 10% tariff for other countries to 15% or 20%.
While the European Union awaits an official written statement from Trump regarding new tariffs, investors remained cautious.
The Dow Jones Index fell 0.58% to 44,390.90 points in the morning, while the S&P 500 lost 0.42% and the Nasdaq 0.20%. All sub-indices of the S&P 500 traded in the red, with the finance and materials sectors experiencing losses of 1.1%.
Markets remained cautious throughout the week, with the only notable development being Nvidia reaching a market capitalization of $4 trillion. Trump this week expanded his tariffs, targeting allies like Japan and South Korea, and imposed a 50% tax on copper.
Investors are focused on upcoming quarterly earnings reports to get a clearer picture of how trade wars are impacting US companies. Wall Street’s major banks will release their results with the reporting season beginning next week.
Michael Landsberg, noting that S&P 500 earnings expectations are low, said, “The second quarter was largely dominated by tariff and trade issues, which may have caused some disruption to earnings.”
Next week, key economic indicators such as inflation data and retail sales will be released. Last week’s strong employment report made a July rate cut almost impossible, while investors are betting on a 60.6% probability of a rate hike in September.
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