US Edition
ASX Set to Slide Lower as Tariffs Weigh on Wall Street
UNITED STATES, JUL 12 – President Trump announced 30% tariffs on EU and Mexico and 35% on Canada starting August 1, causing mixed reactions as Wall Street adjusts to tariff-driven market volatility.
- On Monday, U.S. President Donald Trump celebrated the stock market rebound as validation of his trade strategy, seizing on record highs to justify escalating tariffs.
- Following spring’s tariff rollout, markets initially roiled but rebounded to record highs after April's collapse, driven by optimism despite ongoing trade tensions.
- Despite tariff threats, Wall Street's response remains surprisingly muted; analysts like Eric Teal say investors accept a 10% baseline tariff, indicating resilience.
- Stocks pulled back from record highs as doubts about the TACO trade grew, with the Dow dropping 279 points to 44,371, reflecting market uncertainty.
- Analysts question how much further tariff escalation markets will tolerate before correction, as Trump considers 50% tariffs on copper and 200% on pharmaceuticals.
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Journal Record Index: Major markets slip from record highs
Stocks dipped as new Trump tariffs rattled markets, while Nvidia surged past $4T and Paycom fell sharply despite KeyBanc's positive rating. The post Journal Record Index: Major markets slip from record highs first appeared on The Journal Record.
Coverage Details
Total News Sources14
Leaning Left4Leaning Right1Center2Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 29%
14%
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