US Stocks Slide on New Tariffs and Trade Deadline Shift

Stocks in the US fell sharply on Monday as President Trump reignited trade tensions by unveiling a wave of new tariffs and extending the deadline for their implementation to August 1.

The S&P 500 and Nasdaq each lost 0.8%, pulling back from record highs reached last week, the Dow dropped 422 points.

Trump posted letters on social media announcing 25% tariffs on imports from Japan and South Korea, with additional levies of up to 40% targeting goods from countries like Malaysia, Myanmar, and South Africa.

He also warned of an extra 10% tariff on nations aligning with the “Anti-American policies of BRICS,” as the bloc held a summit in Brazil.

Treasury Secretary Scott Bessent confirmed more trade announcements were expected within 48 hours.

Shares of trade-sensitive companies such as Toyota (-4.1%), Honda (-3.9%), Apple (-1.7%), and AMD (-2.2%) fell, while Tesla slid 6.4% after Elon Musk’s announcement of a new political party drew investor backlash.