United States benchmark averages extended declines on Thursday (Friday AEDT) as concerns over new tariffs from President Donald Trump weighed on investor sentiment.
The Dow Jones Industrial Average fell 155.1 points or 0.4%, to close at 42,299.7. The S&P 500 slipped 18.9 points or 0.3% to 5,693.3, while the Nasdaq Composite lost 95 points or 0.5%, ending at 17,804.0.
Automaker stocks faced significant losses after Trump announced a 25% tariff on all foreign-made cars, set to take effect on April 2.
General Motors tumbled 7.3%, while Ford declined 3.9%.
Trump, who has long advocated for tariffs against countries imposing duties on U.S. imports, reiterated that these measures would remain in place throughout his second term.
However, he suggested some flexibility, stating the tariffs would be “very lenient” and hinting at potential reductions on Chinese imports to facilitate a deal with ByteDance’s TikTok.
Trump also threatened even harsher tariffs on the European Union and Canada on Thursday if they cooperated in challenging U.S. trade policies.
On the bond markets, the yield on the 10-year and 2-year Treasury notes stood at 4.363% and 3.998%, respectively.
