7 July
S&P 500 drops on vast new US tariffs
The S&P 500 contracts tumbled over 3% after US President Donald Trump outlined a slate of import tariffs that could potentially push the US economy into recession, according to Bloomberg.
The US leader announced 10% tariffs on all imported goods, with additional duties targeting approximately 60 countries, including China (34%) and Vietnam (46%). A 20% levy will apply to products imported from the European Union.
Shares of companies reliant on Vietnamese and Chinese supply chains, including Nike and Apple, plunged following the tariff announcement. Economists warn such steep duties could drive up inflation and hurt US employment, Bloomberg reports.
As US trading partners weigh retaliatory tariffs in response to the new duties, Treasury Secretary Scott Bessent is urging the countries against such steps.
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