U.S. President Donald Trump’s latest wave of tariffs on exports from dozens of trading partners, including Switzerland and India, has caused global stock markets to tumble. Switzerland, hit by 39% tariffs, sought more talks, while India was hit with a 25% rate. The new tariffs also include a 35% duty on many goods from Canada, 50% for Brazil, and 20% for Taiwan. The presidential order lists higher import duty rates of 10% to 41% starting in a week’s time for 69 trading partners, taking the U.S. effective tariff rate to about 18%.
U.S. stocks took a hit, with the Dow Jones Industrial Average dropping 1.46% to 43,486.45, the S&P 500 1.8% to 6,225.55, and the Nasdaq Composite 2.42% to 20,610.91. Markets were also reacting to a disappointing jobs report, with data showing U.S. job growth slowed more than expected in July.
Canada negotiators said they could walk away from the table if they can’t soon reach a deal with the U.S. Trump’s new tariffs have created yet more uncertainty, with many details unclear. The European Union is still awaiting more Trump orders to deliver on agreed carve-outs, including on cars and aircraft.
