Stock Market Plunges Following Trump’s Tariff Threat
U.S. stock markets experienced a meaningful downturn on Tuesday after President Trump announced plans for new tariffs on european trading partners, escalating his pursuit of acquiring Greenland. The Dow Jones Industrial Average dropped 870 points, a 1.8% decrease, closing at 48,489. The S&P 500 fell 143 points, or 2.1%, to 6,797.
Technology stocks were particularly affected. The Nasdaq Composite declined 2.4%. Nvidia shares decreased by 3.6%, and Amazon shares fell 3.7%.
President Trump initially revealed his tariff plan on Saturday via truth Social, stating he would impose a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland starting in February. He further indicated the tariffs would increase to 25% on June 1 and apply to imports from NATO countries until an agreement is reached for the purchase of Greenland. CBS news reported on this advancement.
Markets in Europe and Asia also declined on Tuesday.
The European Union represents a ample portion of U.S. imports.Annual shipments from EU member nations surpass those from both Mexico and China combined.
President Trump connected his stance on Greenland to the decision not to award him the Nobel Peace Prize last year.He reportedly told Norway’s prime minister that he no longer felt obligated to prioritize peaceful relations, according to CBS News.
