New york: The New York Stock Exchange concluded trading with gains on Monday following the announcement by US President Donald Trump of new tariffs of 30% on the European Union and Mexico, alongside a potential 100% tariff on Russia.
According to Anadolu Agency, the Dow Jones Industrial Average increased by 0.2%, or 88.14 points, finishing at 44,459.65. The Nasdaq rose by 0.27%, adding 54.8 points, to close at 20,640.33, while the S and P 500 saw an uptick of 0.14%, gaining 8.81 points, to end at 6,268.56.
On Saturday, President Trump revealed that the US would impose 30% tariffs on the EU and Mexico starting August 1, a move that jeopardizes ongoing US-EU trade negotiations aimed at finalizing a comprehensive trade agreement this month. In a social media post, Trump disclosed a letter to European Commission President Ursula von der Leyen, informing her of the tariffs on European goods.
President von der Leyen expressed her willingness to work towards an agreement with the US by the August 1 deadline and promised to take necessary actions to protect EU interests, including implementing proportionate countermeasures. EU trade chief Maros Sefcovic cautioned that the US' proposed 30% tariff on EU products would essentially eliminate trade possibilities and committed to negotiating up until the deadline to find a resolution.
Meanwhile, Mexican President Claudia Sheinbaum remained optimistic about reaching an agreement before the tariffs are enforced. "We have a working group, and we hope to reach an agreement - that is our goal. There are also issues related to fentanyl and security on the table, and in that case, an agreement has already made some progress, always within the framework of respect for our sovereignty," Sheinbaum stated.
In a separate development, President Trump threatened on Monday to impose 100% secondary tariffs on Russia if a resolution to the war in Ukraine is not achieved within 50 days. During a meeting with NATO Secretary General Mark Rutte at the Oval Office, Trump expressed his dissatisfaction with Russia and disappointment in President Vladimir Putin.