Stocks across the globe were lower Friday after President Donald Trump unveiled his plan for levying tariffs on trading partners, threatening to upend decades of international cooperation.
The Dow tumbled 530 points, or 1.2%. The broader S&P 500 fell 1.35% and the tech-heavy Nasdaq Composite slipped 1.7%.
The blue-chip Dow has dropped every day this week as Trump’s tariffs have come back into focus. The S&P 500 in on track for its fourth-straight day of losses after previously clinching six consecutive days of record highs.
Trump late Thursday released his long-awaited plan for tariffs on US trading partners. The president laid out tariffs ranging from 10% to 41% on countries from Chile to Syria, set to take effect August 7 — which was later than expected.
Investors in recent months have begun to try and look past Trump’s tariffs, betting the president will back down on his most daunting threats. As the president has tempered his approach — including once again delaying the start of tariffs — markets have tried to adjust to the prospect of a more protectionist global order. But the scope and unprecedented nature of the tariff campaign portends to roil the global economy and markets.
