Markets Waver as Trump Reaffirms August 1 Tariff Deadline, Imposes New Copper Duty
Markets Waver as Trump Reaffirms August 1 Tariff Deadline, Imposes New Copper Duty
U.S. markets closed Tuesday with minimal movement as President Donald Trump definitively stated there would be no extensions to the looming August 1 tariff deadline.
The S&P 500 edged down 0.07% to 6,225.52, while the Dow Jones Industrial Average dropped 0.37%. The Nasdaq Composite saw a modest gain of 0.03%.
The market’s mixed reaction came after a period of uncertainty regarding trade policy. Following Monday’s initial push of the tariff deadline to August 1 (from July 9) and subsequent remarks that it wasn’t “100% firm,” President Trump used Truth Social on Tuesday to declare the August 1 date absolute. In a separate announcement, he also imposed a significant 50% tariff on copper imports.
Tuesday’s trading followed a sharp sell-off on Monday, triggered by Trump’s imposition of 25% tariffs on South Korea and Japan, part of new duties affecting at least 14 nations.
Investors are now seeking clarity, with some analysts, like Bill Merz of U.S. Bank Wealth Management, noting a recent shift in sentiment towards optimism regarding the long-term impact of tariffs on growth and earnings, despite the immediate market volatility.
Individual stock movements saw Nvidia gain 1% as it neared a $4 trillion market capitalization. However, the banking sector faced headwinds, with JPMorgan and Bank of America shares dropping 3% and Goldman Sachs down nearly 2% after HSBC adopted a more cautious outlook on large banks.
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