On July 7, 2025, Wall Street experienced significant declines. This was triggered by President Donald Trump's announcement of 25% tariffs on imports from Japan and South Korea, effective August 1, 2025.
The S&P 500 fell by 0.9%, the Dow Jones Industrial Average by 1%, and the Nasdaq by 0.9%. All 11 sectors of the S&P 500 closed in the red, with notable drops in technology, financial services, and consumer goods.
Tesla Inc. saw the largest decline in the S&P 500, dropping 6.8%. This occurred amid conflict between Elon Musk and Trump. Trump also announced tariffs for Malaysia, Kazakhstan, South Africa, Laos, and Myanmar. Additional 10% tariffs were announced for BRICS countries.
Following these announcements, financial markets reacted with volatility. Investors are concerned about the potential impact of the new tariffs on the global economy. Tesla Inc. saw a significant 6.8% drop amid tensions between CEO Elon Musk and the Trump administration.
Apple Inc. fell by 1.7%, JPMorgan Chase by 1.4%, and Home Depot by 1.1%. These declines reflect the overall impact of the new tariffs on financial markets.