US Stocks Extend Losses After Tariff Shock

US stocks extended losses, with the S&P?500 and the Nasdaq off about 0.8% and the Dow plunging more than 450?points, as investors grappled with an escalation of President Trump’s tariff campaign.

In a pair of posts on Truth Social, Trump revealed that blanket 25% duties on all Japanese and South Korean imports will take effect August?1st, adding to existing sector-specific levies—and warned that any nation “aligned with the anti-American policies” of the BRICS bloc will incur an extra 10% tariff.

These announcements, which Treasury Secretary Scott Bessent said will be followed by multiple similar letters over the next 48?hours.

Toyota and Honda shares slid over 4%, while chipmakers AMD and Nvidia slipped modestly.

At the same time, Tesla tumbled more than 7% after CEO Elon?Musk’s weekend declaration that he will form a new political party, heightening concerns that his political forays could dilute the company’s brand and dent electric-vehicle sales.