Trump's Tariff Policy Reversal Causes U.S. Stocks to Decline, Dow Drops 244 Points
On the 28th, U.S. President Trump confirmed over the weekend that he agreed to postpone 50% tariffs on the EU until July 9 after a call with the President of the European Commission, which initially boosted market confidence. However, he later took a firmer stance on social media, stating, "If we cannot reach an agreement or are treated unfairly, I have the right to 'set' the agreement."
By the close of markets on the 28th, all four major U.S. stock indices declined. The Dow Jones Industrial Average fell 244.95 points, or 0.58%, finishing at 42,098.70 points. The S&P 500 index dropped 32.99 points, or 0.56%, closing at 5,888.55 points. The tech-focused Nasdaq index decreased by 98.23 points, or 0.51%, ending at 19,100.94 points. The Philadelphia Semiconductor Index fell by 26.67 points, or 0.55%, to close at 4,834.42 points.
